Marital Settlement Agreement

A Marital Settlement Agreement (MSA) is a legal document that outlines the terms of a divorce or separation between spouses. It covers a wide range of issues including property division, alimony, child custody, and support. Here’s a basic template to help you get started. However, it's important to consult with a family law attorney to ensure that your agreement is comprehensive and legally binding.

Marital Settlement Agreement

This Marital Settlement Agreement ("Agreement") is made and entered into on [Date], by and between:

Spouse 1: [Full Name], residing at [Address]
Spouse 2: [Full Name], residing at [Address]

Recitals:

1. Marriage: The parties were married on [Date of Marriage] in [City, State].
2. Separation: The parties have separated and wish to settle all matters related to their marriage amicably.

1. Division of Property

1.1 Marital Property
The parties agree to divide the marital property as follows:

• Real Estate: [Detail division of any real estate, e.g., "The marital home located at [Address] shall be transferred to Spouse 1."]
• Personal Property: [Detail division of personal property, e.g., "Spouse 1 shall retain ownership of the vehicles, while Spouse 2 shall retain ownership of the household furnishings."]
• Bank Accounts: [Detail division of bank accounts, e.g., "The joint bank account with [Bank Name] shall be divided equally, with each party receiving 50% of the balance."]
• Retirement Accounts: [Detail division of retirement accounts, e.g., "Each party shall retain their respective retirement accounts, including pensions and 401(k)s."]

1.2 Debts
The parties agree to be responsible for the following debts:

• Spouse 1: [Detail which debts Spouse 1 will be responsible for.]
• Spouse 2: [Detail which debts Spouse 2 will be responsible for.]

2. Alimony

2.1 Amount and Duration

• Spouse 1 shall pay alimony to Spouse 2 in the amount of [Specify Amount] per [month/year] for a period of [Specify Duration], beginning on [Start Date].

2.2 Modification

• Alimony may be modified based on [Specify Conditions, e.g., significant change in circumstances].

3. Child Custody and Support

3.1 Custody Arrangement

• Physical Custody: [Specify who will have physical custody, e.g., "The child(ren) will reside primarily with Spouse 1."]
• Legal Custody: [Specify shared or sole legal custody arrangements.]

3.2 Visitation Schedule

• Spouse 2 will have visitation rights according to the following schedule: [Detail visitation schedule, e.g., "Every other weekend from Friday 6:00 PM to Sunday 6:00 PM."]

3.3 Child Support

• Spouse 1 will pay child support to Spouse 2 in the amount of [Specify Amount] per [month], beginning on [Start Date].

4. Health Insurance

4.1 Coverage

• Spouse 1 shall maintain health insurance coverage for the child(ren) and may also maintain coverage for Spouse 2 until [Specify End Date].

4.2 Medical Expenses

• Uncovered medical expenses for the child(ren) shall be divided as follows: [Detail division of medical expenses, e.g., "50% each."]

5. Tax Matters

5.1 Dependency Exemptions

• The parties agree that the dependency exemptions for the child(ren) will be claimed by [Specify which spouse] for the tax year [Specify Year] and alternately in subsequent years.

6. Dispute Resolution

6.1 Mediation

• In the event of a dispute regarding the interpretation or enforcement of this Agreement, the parties agree to seek mediation before pursuing other legal remedies.

7. Modification of Agreement

7.1 Changes

• This Agreement may be modified by mutual written consent of both parties or by a court order if necessary. All modifications must be documented and signed by both parties.

8. Signatures

By signing below, both parties acknowledge that they have read, understood, and agreed to the terms of this Marital Settlement Agreement.

Spouse 1:
Signature: ___________________________
Date: _______________________________

Spouse 2:
Signature: ___________________________
Date: _______________________________

Notarization

[If required, have the agreement notarized to add an extra layer of legal authenticity.]

This template provides a general framework for a Marital Settlement Agreement, but it should be tailored to your specific circumstances and legal requirements. It's crucial to work with a family law attorney to ensure that all aspects of the settlement are addressed and that the agreement is legally binding.