When a couple decides to get married, they often enter into a prenuptial agreement which outlines how assets and properties will be divided in the event of a divorce. However, sometimes couples choose to create a marriage settlement agreement (MSA) after getting married to address any post-nuptial issues.
Here are some examples of clauses that can be included in a MSA:
1. Property division:
The MSA can outline how property will be divided between the spouses in case of a future divorce. This may include real estate, investments, and personal items.
2. Spousal support:
The MSA can also address spousal support or alimony in case of a future divorce. This may include the amount, duration, and circumstances under which spousal support will be provided.
3. Child custody and support:
If the couple has children, the MSA can address child custody and support. This may include visitation rights, custody arrangements, and child support payments.
4. Debts and liabilities:
The MSA can outline how debts and liabilities will be divided between the spouses in case of a future divorce.
5. Retirement benefits:
The MSA can address how retirement benefits, such as pensions, IRAs, and 401(k)s, will be divided in case of a future divorce.
6. Insurance:
The MSA can outline how insurance policies, such as life insurance and health insurance, will be maintained and divided in case of a future divorce.
7. Taxes:
The MSA can address how taxes will be handled, such as how deductions will be claimed and how taxes will be paid.
Creating a MSA can be a good option for couples who have already been married for some time and need to address issues that were not covered in their prenuptial agreement. It can also be a way for couples to work together to create a plan for their future, even if they do not anticipate a divorce.
It is important to consult with a lawyer experienced in family law when creating a MSA, as laws and regulations vary by state and circumstance. With a well-drafted MSA, couples can have peace of mind knowing that their assets, liabilities, and family matters are protected in case of a divorce.