A marital settlement agreement (MSA) is basically a contract that spells out the terms of the divorce between the two parties. There are certain advantages to a marital settlement agreement that should be known and explained to all individuals in the process of a divorce.
The MSA usually covers property division, child custody, child plans, debt division, spousal support and any other relevant issues related to the divorce. The advantages of entering into an MSA is that it lays out all of the agreements between the parties in writing which limits any sort of uncertainty. An MSA tends to include language for things that might not even take place after the divorce, but it ensures that the parties have covered all their bases. The MSA is additionally enforceable as to contract theory.
Hiring a competent attorney to prepare a Marital Settlement Agreement ensures that you, the party, retain some of the power as to the way your divorce is handled and who receives what property, etc. It allows the parties to maintain control and to have discussions between themselves, come to an understanding and discussion as to property division, child custody, child support, spousal support and everything else related to the divorce.
Additionally, usually, if the agreement is prepared correctly and contains all of the necessary language, the parties will not have to go to court, and the Judge will honor the written agreement as the final divorce judgment in the matter. As long as the Judge is satisfied that all major issues were thought out, the case will move more quickly though the system.
Deciding to go through the difficult process of a divorce by sitting down and agreeing to terms that are laid out in a Marital Settlement Agreement, can prove to not only save money for both parties involved, but it can also save a lot of headache, heartache and time. At the end of the day, isn’t it better if you and your former spouse get to decide the terms of your divorce then a Judge? A MSA, if done correctly, will allow you to maintain control of your life both now and in the future.