In 2018, there were about 700,000 divorces in the United States.
If you’ve recently split up with your partner, part of going through a divorce is agreeing on a marital settlement agreement.
But what is a marital settlement agreement, and what else should you know about it? Keep reading to find out!
What Is It?
First, you’ll have to understand what it is. A marital settlement agreement can be called all kinds of different things, mainly depending on where you live. But it’s a formal document that lists what both parties have agreed to during the divorce.
The purpose of it is to be a legally binding document that both parties can refer to over the course of their divorce. It will talk about things like who gets custody of children, who has to pay child support, how you’ll divide up the property, and all kinds of other situations that have to be divided up.
Do You Need a Lawyer to Prepare It?
While you can prepare it by yourself or with your partner, you may want to bring a lawyer in to help make it official. A lawyer will already have all the knowledge you need to create a legally binding agreement, and they can also help get rid of some of the awkwardness.
When you hire a lawyer, you can also rest assured that they’ll be able to see if there is anything that is forgotten in the agreement. A judge may not catch it for you, so it’s always nice to have someone on your side.
Can You Change It?
After it’s finalized, you still may find that some circumstances after your divorce have changed. Because of this possibility, you can amend the statement if you file a petition with the court.
If you hired a lawyer, they’ll file the motion as soon as possible and have to argue with the court as to why it should be changed. If the court denies it, however, the martial agreement won’t change.
Both sides can still agree that the change is necessary, but the judge may still deny it, so be as careful as possible when you first write up the agreement.
What Happens After Court Finalizes the Agreement
After a divorce and the agreement is finalized, it becomes a binding contract for both parties. This will dictate how both partners should act in terms of children, who pays support, and who divides the property.
However, if you feel like you need to change the agreement for whatever reason, you can file an appeal.
Learn More About What a Marital Settlement Agreement Is
These are only a few things to know about a marital settlement agreement, but there are many more things you should be aware of.
We know that going through a divorce can be a stressful and difficult time, but we’re here to help you out!
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