What is a Marital Settlement Agreement Review?
A marital settlement agreement is a legal contract that resolves financial and other obligations when a couple’s marriage dissolves. This serves to lock down all aspects of the agreement prior to a judge finalizing a divorce.
If you’ve got a marital settlement agreement, you should take the time to review it to ensure it protects the parties involved and can minimize their risk of future disputes.
Read the rest of this article for key terms to check in a marital settlement agreement, how to review it thoroughly, and how hiring a qualified lawyer can assist you with the contract review process.
What are Key Terms in a Marital Settlement Agreement?
A marital settlement agreement contains the following core information to check:
- Asset division. This divides property and movable household items between spouses.
- Retirement interests. Check that there’s clarity about how the pension funds and retirement annuities are assigned accurately.
- Liabilities and debt. Search that these are defined, such as regarding credit card and joint estate debts.
- Maintenance. Spousal and child maintenance must be detailed and specific, depending on what’s required.
- Parenting plan. Both parties must agree on how the minor children in the situation will be cared for, such as regarding where they will live and who will be the primary caregiver.
What are Tips for Reviewing a Marital Settlement Agreement?
Once you’ve checked all key terms in a marital settlement agreement, you should consider some important aspects of the arrangement.
Check the Disclosure Provision
Both parties must fully disclose their income and other financials to help them make accurate and fair decisions during the divorce. Check that the agreement contains a provision which states both parties have properly disclosed their information.
Provide Accurate Payment Amounts
Check the agreement to ensure that all payment amounts, such as regarding spousal and child maintenance, are accurate. Include information about payment methods and deadlines, as well as their duration.
Verify Property and Asset Division
The agreement must specify how the marital property and assets will be split between parties, such as by accurately listing assets that each party will keep after the divorce is finalized.
Consider Debts
You want the agreement to clearly define how debts will be allocated so that both parties understand their obligations after the divorce. Should marital assets be used to pay off any debts, the agreement must specify this to reduce the risk of disputes.
Address Child Custody
Child custody is a key aspect of a marital settlement agreement. This can include stipulating details of a parenting plan, which should provide clear rules for how the child will be cared for, from their daily routines to healthcare decisions and vacation arrangements.
Include a Dispute Resolution Clause
Make sure that you include a dispute resolution clause to protect both parties’ interests. This will address how to navigate a situation in which one party violates the agreement terms. It should specify a dispute-resolution method, such as arbitration, for disagreements that can’t be resolved.
Do You Need a Legal Review of a Marital Settlement Agreement?
Hiring a lawyer to review your marital settlement agreement will ensure you achieve favorable terms that protect your interests. During a review, your lawyer will:
- Explain all your rights and obligations so that there’s no ambiguity or confusion.
- Align the agreement to all the relevant laws, such as state laws, to keep you compliant and make the agreement enforceable.
- Review all terms, such as regarding property provisions, for clarity.
- Identify hidden risks. They’ll flag inconsistent or ambiguous wording that could create disputes in the future.
- Assess if the agreement is structured around complete disclosure, such as with accurate information about parties’ assets, for transparency.
- Evaluate all financial and tax consequences. They can also collaborate with tax experts to assist you, should this be required.
- Revise any unfavorable or one-sided clauses. This can include the lawyer negotiating with the other party for a mutually beneficial contract.
- Check child-related provisions. A lawyer will ensure that all parenting arrangements are clearly defined and specified. This includes detailed living arrangements and child support.
- Tailor the agreement terms to your specific arrangement.
- Advise you independently. Hiring your own lawyer to review your agreement will ensure you achieve legal guidance based on your specific interests and concerns.
Where to Find and Hire a Lawyer for a Marital Settlement Agreement Review
If you’d like to hire a lawyer to review your marital settlement agreement, you don’t have to worry about where to find one who has the expertise and experience to assist you.
Online legal platforms such as ContractsCounsel make it easy to find and hire a reputable lawyer with experience in contract review and drafting.
ContractsCounsel is one of the largest online legal marketplaces that gives you access to a curated network of lawyers, all of whom have been vetted on the platform.
If you need to request that a lawyer reviews your marital settlement agreement, here are the steps to follow:
- Go to the ContractsCounsel marketplace, where it’s free to post a project or request.
- Select ‘One-time project.’
- Choose ‘Contract review.’
- Post your project. Try to include some details of what you need so it’s easier to match with suitable lawyers.
- Wait for bids. You’ll receive multiple bids on your project from qualified lawyers on the platform who are ready to assist you.
- View the lawyers’ information. The platform is transparent about its information, such as the lawyers’ location, expertise, experience, and client ratings for previous projects completed on the platform.
- Select a lawyer to hire and they’ll review your marital settlement agreement for a flat fee.
