A marital settlement agreement is a contract that specifies how spouses will handle important issues after their divorce. This includes who gets what property, how they will care for their children and who pays support to whom. Once both spouses sign this agreement, it becomes legally binding and part of the divorce decree after they file it in court.
How does it work?
Both parties, with their attorneys, discuss and agree on the terms of their separation. This usually includes:
- Custody and parenting plan: This section covers who the children will live with (physical custody) and how parents will make important decisions (legal custody). It can also include a schedule for when children will be with each parent.
- Child support: While parents can suggest an amount, judges usually follow state guidelines based on factors like income and time spent with each parent.
- Property division: This details how the couple will split their belongings and debts. It can cover both separate and marital property, as well as who gets the family home.
- Spousal support: If one spouse will pay the other after divorce, this section outlines how much and for how long.
A court needs to approve the marital settlement agreement before it can be enforceable as a court order. They’ll check to make sure it’s fair and follows New York laws, especially when it comes to children’s welfare.
What makes it valid and enforceable?
The marital separation agreement must meet certain legal requirements before the court can approve and make it part of the final divorce decree:
- The agreement must be in writing, not just a verbal understanding.
- Both spouses need to sign the agreement.
- The terms should be fair and not unconscionable to either party.
- Both spouses must fully disclose their financial situations in the agreement.
- Neither spouse should be pressured into signing.
While not required, it’s wise for each spouse to have their own attorney. This ensures that both parties fully understand their rights and obligations under the agreement.
Ensure a fair agreement
The terms you agree to can have a significant impact on you and your family’s future. Talk to an attorney who can guide you through the process and advocate for your best interests.