What is a marital settlement agreement?

A marital settlement agreement (also known as a divorce settlement agreement) is a legally binding document that is signed by both parties involved in a divorce to record the terms of the divorce. The agreement typically includes the division of debts, assets, and custody arrangements. In Maryland, a marital settlement agreement must meet certain legal requirements to be enforceable. It must be in writing, signed by both parties, and notarized. It must also be approved by the court before a divorce is finalized. The agreement must be fair and equitable to both parties, and it must follow the Maryland statutes regarding the division of marital assets and the payment of a spousal allowance. The agreement should provide a full and accurate description of all assets owned by either party, including any real estate, bank accounts, investments, vehicles, and other property. It should also list the amount of money each party will receive to help divide their assets equitably. Finally, it should outline the custody arrangements for any minor children and the amount of child support that the non-custodial parent must pay. Marital settlement agreements can help foster a smoother divorce process and make sure that both parties are satisfied with the outcome. They can also be altered or changed at any time if either party feels that the terms of the agreement are unfair or unenforceable.

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