What is Marital Separation Agreement Drafting?
If you and your spouse are struggling in your marriage and have decided to live separately without getting a divorce, you should draft a marital separation agreement.
This is an important legal document that specifies various aspects of your separation, such as how you’ll handle child custody, finances, and the division of assets.
Read the rest of this article to explore key terms to put in your marital separation agreement, how to draft it for clarity, and why you should consider hiring a lawyer for assistance with the marital separation agreement drafting process.
What are Key Terms in a Marital Separation Agreement?
Marital separation agreements usually contain essential information such as the following:
- Date. This states the effective date of the separation.
- Legal custody. This specifies which party has the right to make the children’s life decisions, such as regarding education and healthcare.
- Parenting plans. There should be clarity about visitation schedules for the parent who doesn’t have custody.
- Spousal support. Depending on the separation, there might be spousal support included in the agreement. How payments from one spouse to the other will be made must be specified.
- Asset division. The couple’s real estate property, vehicles, investments, and other assets should be stated. There must be information about how they’ll be shared or divided.
- Debts. There must be clarity about which spouse will pay certain marital debts, such as mortgages.
- Taxes. There should be a clause about how you’ll complete your taxes, such as if you have joint or separate tax obligations.
- Dispute resolution. This specifies how conflict between spouses will be handled, such as via mediation or arbitration.
What are Tips for Drafting a Marital Separation Agreement?
When drafting a marital separation agreement, there are specific things to consider to avoid disputes.
Ensure Financial Disclosure
Include a clause in the marital separation agreement to confirm that both parties have disclosed all of their finances, such as debts and assets. This transparency makes it easier to outline responsibilities and avoid disputes.
Provide a Release of Rights
You should establish provisions for parties to give up certain rights, such as to each other’s income earnings. This serves to protect parties’ interests during the separation.
Consider Health Insurance
While you might include assets and property in your agreement, don’t neglect your wellbeing. Your marital separation agreement should include health insurance so that coverage is confirmed for both parties.
For example, you should determine which party will upkeep health insurance coverage for dependents and what benefits are involved, such as dental coverage.
Outline Your Assets
Your marital separation agreement should do more than simply list your assets. It should specify how assets are categorized, such as if they’re separate or joint. It should also explain what happens to assets that are owned by both parties and include an asset valuation method so that you can minimize future disputes.
Specify Expenses
It’s important to assign responsibility for expenses and costs, such as paying the mortgage, car loans, and living expenses. In the case of support payments, such as spousal support, the agreement must detail when they will be made and for how long.
Make Provision for Changes
There could be times when either spouse wants to modify terms in the marital separation agreement. The agreement should have a clause in which you specify how terms can be changed or negotiated.
How Does a Lawyer Assist with Marital Separation Agreement Drafting?
It’s valuable to work with a qualified lawyer who will be able to draft a professional and legal marital separation agreement. They will:
- Explain all your legal rights and duties so that you know what’s expected of you.
- Draft clear and legally valid clauses so that there’s no ambiguity which can result in disputes.
- Identify all property, assets, and debts so that you don’t leave anything important out of the document.
- Help you divide assets properly and fairly between parties.
- Structure comprehensive child custody and parenting plans for you, should this be required.
- Discuss and negotiate terms with the other party, should this be required, to keep all agreement terms fair and balanced.
- Represent your interests and priorities if any disputes arise during the marital separation process.
- Review your marital separation agreement if you’ve already drafted it, giving you confidence that all terms are legally sound.
Where to Find a Lawyer for Marital Separation Agreement Drafting
Online legal marketplaces make the process of finding and hiring a lawyer easier than if you have to conduct your own search for a reputable lawyer in your location.
ContractsCounsel is one of the largest online legal marketplaces that gives clients access to a network of vetted, reputable lawyers.
Every lawyer on the platform has experience in contract drafting and review, giving you peace of mind to secure legally-solid, clear, and fair contracts.
If you would like a legal draft of a marital separation agreement, here are the easy steps to follow to ask a lawyer on the ContractsCounsel platform for assistance.
- Go to the ContractsCounsel marketplace.
- It’s free to post your project. Include a few details, such as regarding your separation or your concerns, to help you find the most suitable lawyer.
- Wait for lawyer bids. You’ll receive multiple bids from lawyers on the platform who have the experience to help you.
- Review the lawyers’ profiles. You should review the extensive data provided by the platform to help you find the most suitable lawyer. This data includes information about the lawyers’ location, client ratings for previous projects, expertise, and credentials.
- Connect with a lawyer you think is best suited to your requirements and hire them to draft your marital separation agreement for a flat fee.
