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What is included in a marital settlement agreement?

On Behalf of | Jul 29, 2022 | Divorce

If you are seeking a no-fault divorce in Mississippi, you and your soon-to-be ex-spouse will both need to sign a marital settlement agreement prior to filing for divorce. A family law attorney can help draft this agreement and make sure that all the necessary information is included.

The terms of your divorce

Generally, a marital settlement agreement will spell out the terms of your divorce. Here are some of the main topics that may be covered in your agreement.

  • Property division: When determining how to divide up the assets in your divorce in an equitable distribution state like Mississippi, you should consider the incomes and earning capacities of each spouse, the length of the marriage, and economic and non-economic contributions made by each spouse to the marriage.
  • Child custody and support: If you have minor children, you should come up with an arrangement that caters to the best interests of the child. You can specify where the child will be living, how many nights per week they will spend with each parent, how holidays and vacations will be shared, who will make decisions relating to the child, and whether one spouse will pay child support.
  • Spousal support: Your agreement can address whether the higher-earning spouse will pay the other alimony or spousal support. If you choose to include alimony, consider the length of your marriage, income and earning capacity of each spouse, and how much time the receiving spouse will need to become financially stable on their own.

While it is possible to draft your own agreement, it is often not a realistic option. Divorcing spouses often find that they are unable to agree on everything, even if they are on good terms. Scheduling a mediation with both of your attorneys present may be the best way to work out any disputes that arise and come up with an agreement that is fair to all parties.