What is a marital settlement agreement?

A marital settlement agreement is an agreement between two parties involved in a divorce. It signifies that each party has agreed to the terms of the divorce, including the division of marital property and the payment of alimony or spousal support. In Virginia, if the parties are unable to reach an agreement on their own, a judge may require them to attend mediation in order to come to an arrangement. In a marital settlement agreement, the parties agree to resolve all issues relating to the divorce, such as financial matters, child custody and visitation, division of debt and assets, and support. The agreement should be written in a way that both parties are happy with in order to ensure that it is legally binding. The agreement should be filed in court once it is finalized. The agreement should set out the details for how assets will be divided between the two parties and how any financial support, such as alimony or spousal support, will be paid. It should also include details on how any financial issues or debts will be dealt with. The agreement should also specify when the divorce will be final. Overall, a marital settlement agreement is an agreement between two parties involved in a divorce. It allows the parties to set out the terms for how their assets, debts and financial matters will be handled so that the divorce will can be finalized in a timely manner.

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