When you and your spouse decide to get divorced, the type of divorce you file will depend on how much the two of you agree on the terms. If you’re both in agreement, filing for an uncontested divorce with help from your New Jersey divorce lawyer can be a good option. But if you’re not in full agreement, filing for a traditional divorce may be a better fit. Traditional divorces put the burden of determining the terms on the court. But there’s one type of agreement that you and your spouse can enter into prior to going to court that can streamline the process: the marital settlement agreement (MSA). Here’s what you need to know about this document.
What Is a Marital Settlement Agreement?
An MSA is a legally binding document that outlines the main terms of your divorce and the responsibilities each spouse has after divorcing. You’ll likely want to include information regarding the division of your assets, child custody, child support costs, alimony payments, and other similar concerns.
These documents are similar to what you’d create when filing for an uncontested divorce—both you and your spouse have to agree on the terms completely. But the MSA can be used to streamline the process of traditional divorces. You’re able to include the terms that you and your spouse can agree on and leave the rest up to the court.
Why You Should Create One
If creating a marital settlement agreement seems like a lot of work, you’re not wrong. You’ll need to communicate and negotiate with your spouse during the entire process. And if you’re not getting along, it can be difficult to come to terms you both agree to. Difficulties aside, creating an MSA can be well worth the effort. Here’s why.
Offers Increased Privacy
When you file for divorce and go to court, much of the hearings will be a matter of public record. Anyone with enough curiosity could research you or your spouse and learn more about your private lives than you’d like them to. MSAs let you settle terms out of court, giving you both more privacy.
Gives You and Your Spouse More Control
New Jersey is an equitable distribution state which means the court will determine who receives which assets and how your property is divided in a way that’s fair and equitable. It’s not divided equally between the two of you. By using an MSA, you and your spouse will be able to divide the property in a way that makes you both happy rather than relying on the court to decide. You’ll have more control in the long run.
The Courts Will Prioritize the Agreement
Even if you have to go to court for assistance with some terms, the court will uphold and honor your MSA. The terms outlined in your agreement will be upheld even if those terms go against what the court would ordinarily recommend. This is because the document is a legally binding agreement and since you and your spouse entered into the agreement of your own free will, the court will honor the terms you set forth.
It Can Save You Time and Money
Think of an MSA as a document that does the legwork for the court. You and your spouse negotiate and agree on the terms before going before the judge. This cuts down on the amount of time that you and your spouse have to spend on your divorce, which in turn can save you money on legal fees.
Let Carvajal Law Help in Your Negotiations
If you’re interested in completing a marital settlement agreement now that you and your spouse have decided to get divorced, make sure you’re working with an experienced New Jersey divorce lawyer. The team at Carvajal Law is here to help. Contact us today to schedule a free consultation.