Below is an outline of the key components of a Marital Settlement Agreement (“MSA”) together with a simple, generic template. You should tailor it to your facts, the law of your jurisdiction and your attorney’s advice.
1. What Is a Marital Settlement Agreement?
A marital settlement agreement is a binding contract between spouses settling all issues in a divorce or legal separation—property division, debt allocation, spousal support (alimony), and, if applicable, child custody, visitation and child support. Once approved by a court, its terms become incorporated into your final judgment of dissolution.
2. Key Components
a. Identification of Parties and Recitals
– Full legal names, addresses, date of marriage, date of separation, and intent to dissolve the marriage.
b. Property Division
– Real property (e.g., marital home): who keeps it, who refinances, who pays mortgages, sale and division of proceeds.
– Personal property (furniture, vehicles, collectibles): specific allocations or “all household goods to Party A, all vehicles to Party B,” etc.
– Bank accounts, investment accounts, retirement plans: list account numbers and division percentages.
– Business interests.
c. Debt Allocation
– Credit cards, mortgages, car loans: specify which spouse is responsible for which debts and indemnification language (“Party A will hold Party B harmless…”).
d. Spousal Support (Alimony)
– Whether support is payable (amount, frequency, duration, termination events: remarriage, cohabitation, death).
e. Child Custody, Visitation & Support (if minor children)
– Legal custody: joint or sole.
– Physical custody / residential schedule.
– Visitation schedule (weekends, holidays, vacations).
– Child support: formula or fixed amount, who pays health insurance, daycare, extracurricular expenses.
f. Health Insurance & Uninsured Medical Expenses
– Who maintains health insurance, division of uninsured medical costs.
g. Taxes
– Dependency exemptions, head-of-household filing, tax credits, filing status for tax years.
h. Mutual Release and Waivers
– Each spouse releases the other from further claims except as provided in the agreement.
i. Attorneys’ Fees and Costs
– Responsibility for fees and costs incurred in drafting and enforcing the MSA.
j. Confidentiality (optional)
– Non-disclosure of settlement terms.
k. General Provisions
– Entire agreement clause, modification procedure (must be in writing and signed by both), choice of law, severability, headings.
l. Signatures and Notarization
– Signature lines for both parties, date, and notarization if required by local court rules.
3. Sample Template (Very Simplified)
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MARITAL SETTLEMENT AGREEMENT
This Marital Settlement Agreement (“Agreement”) is made on [Date], by and between:
1. [Name of Spouse A], DOB: ______, (“Spouse A”), and
2. [Name of Spouse B], DOB: ______, (“Spouse B”).
RECITALS
A. The Parties were married on [Date of Marriage] in [City, State] and separated on [Date of Separation].
B. Each Party desires to settle all rights, obligations, and claims arising from the marital relationship.
AGREEMENT
1. Property Division
1.1 Marital Home. Spouse A shall have exclusive title to the residence at [address]. Spouse A shall assume and hold Spouse B harmless from the mortgage and related expenses.
1.2 Bank Accounts. The parties shall divide funds as follows:
– [Bank Name], Acct. # xxxx: 100% to Spouse B.
– [Bank Name], Acct. # yyyy: 50% to each Party.
1.3 Personal Property. Each Party shall retain all clothing, personal effects and vehicles currently in his/her possession.
2. Debts
2.1 Spouse A shall be responsible for credit card account #xxxx and hold Spouse B harmless.
2.2 Spouse B shall be responsible for the auto loan on the 20XX Honda Civic.
3. Spousal Support
3.1 Spouse A shall pay Spouse B spousal support of $____ per month, payable on the 1st of each month, commencing [date] and continuing for [duration or “until further order of the court” or “until Spouse B’s remarriage”].
4. Child Custody & Support (if applicable)
4.1 Legal Custody: Joint.
4.2 Physical Custody: Primary to Spouse B with the following visitation schedule: [outline].
4.3 Child Support: Spouse A shall pay $____ per month, plus 50% of unreimbursed medical and extracurricular expenses, per state guidelines.
5. Health Insurance
5.1 Spouse A shall maintain health insurance for the minor child(ren). Each Party shall share uninsured expenses equally.
6. Taxes
6.1 Parties shall alternate claiming dependency exemptions: Spouse A in even-numbered years; Spouse B in odd-numbered years.
7. Mutual Release
7.1 Each Party fully releases the other from any further claims, demands, or rights except as set forth herein.
8. Attorneys’ Fees
8.1 Each Party shall bear his/her own attorneys’ fees and costs incurred in connection with this Agreement.
9. General Provisions
9.1 Entire Agreement. This document is the entire agreement. Any modification must be in writing signed by both Parties.
9.2 Governing Law. This Agreement shall be governed by the laws of the State of [State].
9.3 Severability. If any provision is held invalid, the remainder remains in full force and effect.
IN WITNESS WHEREOF, the Parties have executed this Agreement on the dates set forth below.
___________________________ ___________________________
[Spouse A, printed name] [Spouse B, printed name]
Date: __________ Date: __________
STATE OF __________
COUNTY OF __________
On ________ before me, ___________________, a Notary Public, personally appeared [Spouse A] and [Spouse B], who proved to me on the basis of satisfactory evidence to be the persons whose names are subscribed to this instrument, and acknowledged that they executed it.
________________________
Notary Public, My Commission Expires: ________
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Disclaimer: This template is for illustrative purposes only. Family law varies by state (or country). You should consult your attorney to adapt any agreement to your situation and ensure it meets local court requirements.
