Marital Settlement Agreement Oklahoma: Everything You Need to Know
Going through a divorce can be an incredibly stressful and emotional ordeal. In addition to dealing with the emotional fallout, you also have to figure out how to divide up your assets and come to an agreement on issues such as child custody and support. This is where a marital settlement agreement comes in.
In Oklahoma, a marital settlement agreement is a legally binding contract between divorcing spouses that outlines the arrangements for property division, custody, and support. It can be a useful tool for streamlining the divorce process and avoiding the need for a court trial.
What is a Marital Settlement Agreement?
A marital settlement agreement (MSA) is a contract between divorcing spouses that outlines the terms of their divorce. It covers topics such as:
– Property division
– Child custody and visitation
– Child support
– Spousal support
– Retirement accounts
The MSA is typically drafted by one party`s attorney and then reviewed and negotiated by the other party`s attorney. Once both parties have agreed to the terms, they sign the agreement and it becomes a binding contract.
Benefits of a Marital Settlement Agreement
There are several benefits to using a marital settlement agreement in your divorce:
– It can save time and money. Going to court can be a costly and time-consuming process. By coming to an agreement outside of court, you can avoid the need for a trial and save money on legal fees.
– It gives you more control. When you go to court, a judge will make decisions for you. With an MSA, you and your spouse can work together to come up with a fair agreement that works for both of you.
– It can reduce conflict. Going to court can be adversarial and contentious. By negotiating an MSA, you and your spouse can work together in a more collaborative and cooperative manner.
How to Create a Marital Settlement Agreement
Creating a marital settlement agreement can be a complex process, and it is recommended that you work with an experienced family law attorney to ensure that the agreement is properly drafted and legally binding.
To create an MSA, you will need to:
– Identify all assets and debts. You and your spouse will need to list all of your assets and debts, including real estate, bank accounts, retirement accounts, credit card debt, and mortgages.
– Agree on property division. You will need to determine how your assets will be divided. This may involve selling certain assets and dividing the proceeds, or one spouse keeping certain assets and offsetting their value with other assets or cash.
– Determine child custody and support. If you have children, you will need to determine custody and visitation arrangements, as well as child support payments.
– Determine spousal support. If one spouse is entitled to spousal support (also known as alimony), you will need to determine the amount and duration of the payments.
– Address other issues. You may need to address other issues such as taxes, insurance, and retirement accounts.
A marital settlement agreement can be a useful tool for divorcing couples in Oklahoma. It can save time and money, give you more control over the divorce process, and reduce conflict. If you are considering creating an MSA, it is important to work with an experienced family law attorney to ensure that your agreement is properly drafted and legally binding.