Are you going through a divorce and need to draft a marital settlement agreement? A marital settlement agreement is a legal document that outlines the terms and conditions of a divorce settlement. It is important to create a clear and concise agreement that is fair to both parties involved. Here is an example of a marital settlement agreement to help guide you through the process.

1. Property Division

The marital settlement agreement must detail how the property will be divided between the two parties. This includes all assets and debts. In this example, it is agreed that the parties will sell the marital home and split the proceeds equally. The wife will keep her car while the husband will keep his car. The parties will also divide all bank accounts, retirement accounts, and credit card debt equally.

2. Alimony

If one spouse is entitled to alimony, the marital settlement agreement must specify the amount and duration of the payments. In this example, it is agreed that the husband will pay the wife $1,000 per month in spousal support for a period of five years.

3. Child Custody and Support

If there are children involved, the marital settlement agreement must address custody and child support. In this example, it is agreed that both parties will have joint legal custody of the two children. The wife will have primary physical custody, and the husband will have visitation rights. The husband will pay child support in the amount of $500 per month for each child until they reach the age of 18.

4. Health Insurance and Life Insurance

The marital settlement agreement must also address health insurance and life insurance. In this example, it is agreed that the wife will keep her current health insurance policy, and the husband will obtain his own policy. The parties will each maintain a life insurance policy with the children as beneficiaries.

5. Legal Fees

Finally, the marital settlement agreement must address legal fees. In this example, it is agreed that each party will be responsible for their own legal fees.

Conclusion

Creating a marital settlement agreement can be a difficult and emotional process, but it is important to have a clear and concise agreement that is fair to both parties involved. Use this example as a guide to help you draft your own marital settlement agreement. Remember to consult with a legal professional to ensure that your agreement meets all legal requirements.