As long as both parties approve, a marital settlement agreement fairly and judiciously divides a couple’s assets and liabilities. The document should be as clear and specific as possible to withstand the possibility of contestation. In Tampa, a marital settlement agreement must be notarized once the details are settled. The divorce lawyer will then submit the documents into the court file. It becomes a binding contract when ratified by a family law divorce court.
Assets
Marital settlement agreements specify which spouse receives alimony, real estate, car or boats, bank account division, and any other assets. The law presumes that all property accrued during the marriage is marital property unless rebutted or agreed upon by the affected parties. Settlement agreements may also incorporate how the parties intend to claim tax credits for children.
Liabilities
Settlements also cover liabilities. The separating parties must decide how to divide their credit card, student loan, car loan, or other debts. During an amicable divorce, litigants sometimes choose to accept responsibility for personal debts accrued during the marriage. For cases that go to trial, liabilities are equitably divided as determined by the court.
Every situation is unique, so speak to your divorce lawyer if you have any questions about your marital settlement agreement.