Marital Settlement Agreements are contracts entered into by spouses after they separate from each other, they believe their marriage is over, and are in the middle of a divorce or legal separation. The purpose of a marital settlement agreement is to settle disputes over child custody, child support, spousal support, and property division, thereby alleviating the need of going to trial and having a judge make decisions on these issues. Marital Settlement Agreements are a great way to save money as trials can be quite expensive. Most divorces and legal separations are resolved by Marital Settlement Agreements rather than by trial.
Prenuptial Agreements are contracts that two people enter into before marriage. These types of contracts can cover not only what would happen in the event of divorce/legal separation, but also what would happen in the event of death of one spouse, and how finances are to be managed during the marriage.
Marital Agreements are very similar to prenuptial agreements, but are entered into by spouses after their wedding, during their marriage. They can cover the same issues as prenuptial agreements, but due to the fact that the duties of spouses to each other are different than the duties owed to those engaged to be married, but not yet married, slightly different rules apply. These rules can have serious ramifications however. Unlike marital settlement agreements, marital agreements are not entered into after the spouses are separated or believe their marriage is at an end. To the contrary, when spouses enter into marital agreements, their intent is to remain married.
For assistance in preparing a Marital Settlement Agreement, Marital Agreement, or Prenuptual Agreement, please Contact Us to schedule a consultation.
