When somebody divorces, paperwork is the last thing on their mind. But that’s the most important part of a legal marital separation. A marital settlement agreement or MSA is a comprehensive written agreement between you and your spouse. It is important to include this divorce settlement as it is an agreement that involves all the details.
The next step is to submit the document to the court. Then there is the separation agreement that includes the same type of agreements. You must work with an experienced attorney that will help you with your divorce settlement. When you have your MSA sorted with your attorney’s help, your court will grant you the relief you are entitled to. So, here are the top things to include in your MSA.
A Detailed Parenting-Time Plan
When negotiating a divorce, you need everything in written words because you do not want something left unsaid, which may later cause problems. Parenting time disputes are widespread, so place what’s best for your child over everything else. Also, include a detailed holiday schedule, so everything is fair and aboveboard, and there will be fewer chances of disputes later.
Alimony and Support
It is always best to include details like a divorce settlement agreement that categorically mentions all these provisions. Also, it is important to mention the details of your current incomes to calculate support. Ensure to mention the amount of alimony paid each month, the date of payment, and the duration. It would help if you why alimony would terminate if the spouse dies or remarries.
If either of you will be paying child support or alimony, make sure to include a provision in your divorce settlement. You should include details on how much your spouse pays the support to maintain life insurance in a sufficient amount of their obligation. The policy also needs to name the other spouse as the beneficiary to secure your alimony and child support. This will protect your future, and your child’s in the eventuality that your spouse dies after the divorce settlement.
Proper Retirement Accounts
Ensure that you list all of your retirement assets owned by the parties. List out all the details and how you will divide the assets, and who will keep the particular asset. For instance, there are some retirement accounts, 401k and pension will need (QDRO) or qualified domestic relations order to help in the account’s division.
Ensure you include a provision about who will be complete the QDRO and who will help with the preparation cost. If you are dividing an IRA (Individual Retirement Account), you can do so with the help of a rollover. Ensure you maintain a timeframe for the same.
The Selling off the House
In many cases, the couple sells their home after a divorce. Especially when one party moves out and the other promises to stay behind, to ensure that the process moves easily, you need to include details about the home’s sale. For instance, you may need to mention that you should list the house within 30 days of the divorce or until we sell it off. In some cases, there are greater details incorporated as to the houses’ offers, and if one of the couples retains the house, how they need to refinance the house. Mentioning a particular frame is important, and so is the deed exchange.
A divorce settlement is never easy on either of the couple, especially when there are children involved. So, the finer details of the divorce settlement may get lost. That’s why you require reliable attorneys who will know what to include in the agreement to ensure no unnecessary arguments and disagreements are leading to delays.
An attorney will help you with that. Include the points you are likely to miss, because of the perfect storm of various stressful events, one after the other. The emotions from the events may make it difficult for the spouses to understand the legal procedures. It might also impair their ability to make the right decisions. The more information you have about the legal proceedings, the easier it would be to process the divorce. Besides that, it will also help you tide through difficult times a little better.