What is a marital settlement agreement?

A marital settlement agreement is a legal document that outlines the terms of a divorce in New York and is signed by both parties. The marital settlement agreement is created after the parties reach an agreement about how to divide their assets, determine spousal and child support, and address other issues related to their divorce. Marital settlement agreements outline the key terms agreed upon by both parties, including the division of property, assets, debts, and liabilities. It also includes information about child support and custody, alimony, health and life insurance, taxes, and other necessary decisions related to the divorce. The agreement may also address the division of pensions, 401(k) accounts, and other investments, as well as the creation of a marital trust and other financial matters. The marital settlement agreement also outlines the repayment plan for any debts incurred during the marriage, including credit card debt and other loans. Additionally, the agreement outlines any changes in name for either party, the division of assets after the divorce is complete, and the resolution of any disputes between the parties. Once both parties have agreed to the terms of the agreement, the document is signed by both parties, witnessed, and then filed with the court. Both parties must then abide by the terms of the agreement and will be legally responsible for any actions outlined in the document.

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What is a marital settlement agreement?

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