When going through a divorce in Wisconsin, it is important to understand the considerations that come with property division, spousal support, and child custody. This is where a marital settlement agreement comes into play. A marital settlement agreement is a legal document that outlines the agreements made between spouses on various aspects of the divorce. It is proposed by one party and must be agreed upon by the other party before it can be finalized.
In Wisconsin, a marital settlement agreement is just one of the ways that divorcing couples can reach an agreement on the division of their property and assets. The agreement must be in writing and signed by both parties. It is then submitted to the court for approval and becomes a binding court order once it is approved.
A marital settlement agreement covers a wide range of topics, including:
1. Property division: This includes the division of assets such as real estate, cars, bank accounts, and retirement accounts. Both parties must agree on how to divide the property, and it should be done fairly and equitably.
2. Spousal maintenance: This refers to the financial support one spouse provides to the other during and after the divorce. The agreement should outline the amount and duration of the support, as well as any other conditions that may apply.
3. Child custody and support: If there are children involved in the divorce, the marital settlement agreement should address custody and support arrangements. This includes determining which parent will have primary custody, visitation schedules, and child support payments.
4. Insurance and taxes: The agreement should also outline how the spouses will handle insurance policies and tax obligations during and after the divorce.
It is important to note that a marital settlement agreement should be drafted with the assistance of an experienced family law attorney. The attorney can help ensure that the agreement is fair and meets all legal requirements. They can also help negotiate any complex issues that may arise during the divorce process.
Overall, a marital settlement agreement is a valuable tool for divorcing couples in Wisconsin. It provides a way for both parties to come to a fair and equitable agreement on important issues, and can help streamline the divorce process.