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A marriage settlement agreement, or post-nuptial agreement, is a legally binding document that outlines the terms of a separation between a married couple. Resolving all unresolved divorce issues through mutual agreement saves money and time and serves as a more secure means of ensuring that the terms of the separation are upheld in the future. It is advisable to execute a formal Marriage Settlement Agreement, which serves as a written record of the mutual resolution of the couple to split without the intervention of judicial authority. By doing so, the couple can legally formalize their separation without the need to initiate a divorce proceeding or receive a court-ordered separation.
A marriage settlement agreement for divorce or separation, also known as a divorce agreement, is a legal document specifying how you wish to distribute your assets and debts and spousal support, and child support. A parenting plan may be a part of it.
For instance, a marital settlement agreement for a divorce or separation is enforceable in Pennsylvania and binds you and your spouse. It serves as a formal way to define the terms of the divorce and the dynamics that will govern your interactions with your spouse going forward. Additionally, it enables the two of you to work together to create the divorce's terms rather than having a judge make these decisions.
You can hear different names for the marital settlement agreements depending on where you reside or who you talk to. These additional names, in addition to the most typical (marriage settlement agreement, or MSA), include:
In the end, all of these names refer to the same thing: a written agreement between a couple outlining how they would handle all of the matters that must be resolved during a divorce, such as:
Most people are unlikely to be aware of all the potential legal ramifications of what they may be consenting to and any beneficial clauses that the agreement may contain. When the couple negotiates a settlement through their attorneys, one of those attorneys normally draughts the MSA. After that, the attorney for the other spouse analyzes it and, if necessary, makes revisions.
The mediators frequently draught the formal agreement when spouses come to an understanding during mediation before divorcing. Whether or not they are professionals, mediators typically advise the spouses to have their legal counsel analyze the proposed agreement to ensure that both parties have received independent legal advice and are aware of the MSA's potential legal ramifications. (It should be noted, though, that couples who have signed an MSA before requesting a divorce can typically conclude an uncontested divorce without needing to retain counsel to represent them.)
The judge might then be shown the final written agreement to sign. This method provides the following significant advantages for willing couples:
Even though it is a requirement of the divorce decree, spouses may agree to modify an existing agreement. The majority of MSAs cover this scenario. Just be aware that the suggested amendment may need to be approved by a judge.
States provide rules for amending settlement agreements, either in their statutes or in law developed via court decisions, if spouses cannot agree on a change that one of them wants. Judges seldom approve modifications unless there has been a major change in circumstances since the original agreement.
Here are a few things that you should keep in mind while signing a Marriage Settlement Agreement:
Here are some key terms related to a Marriage Settlement Agreement:
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ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.
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