In every divorce, some form of Marital Termination Agreement must be reached. The term “Marital Termination Agreement” can vary from state-to-state and may be called a “Dissolution Agreement” or “Property Settlement Agreement” depending on what state you are located in. You should speak with a qualified Minnesota divorce lawyer in your area for further information.
Should I proceed to Trial or Enter into a Marital Termination Agreement?
For this post, I will use the term “Marital Termination Agreement” to describe the agreement that a husband and a wife may reach before their divorce is concluded. In the majority of cases that I have worked on as a divorce lawyer, the couples – no matter how bitter or upset they are with eachother – typically dissolve their marriage via such an agreement. I highly advise all my clients to enter into a Marital Termination Agreement rather than taking the case before a judge.
The Requirements of a Marital Termination Agreement
The requirements for a Marital Termination Agreement or “MTA” vary from state-to-state. Some states require disclosures or appendixes which other states do not. Again, check with a qualified divorce lawyer in your area for further information.
Also the MTA may be combined with a document called a Final Judgment and Decree of Dissolution – or some variation thereof. I won’t get into the reason why, suffice it to say that the judge is the one reviewing the agreement and he/she makes the final Order or Decree.
To generalize, the requirements of the MTA include:
- The party’s (husband, wife, children) names, addresses, dates-of-birth, etc.;
- The grounds for the divorce (e.g.: an irretrievable breakdown);
- Some form of jurisdictional basis for the agreement;
- That all parties have “capacity” to make the agreement;
- That the parties have made a “full disclosure” of all assets and debts;
- The financial circumstances of the parties;
- A parenting-time agreement (if children are involved);
- The disposition of real and personal property and the marital homestead;
- Provisions for Automobiles, credit cards, other property;
- Retirement Accounts;
- A request for a name change, if desired;
- Custody of any minor children
- Child support provisions;
- Tax consequences;
- Necessary releases and waivers.
The list above is not exhaustive. As I discussed in a prior post, the MTA or Property Settlement Agreement is a binding contract. Many things can be included in a MTA – just like any other type of contract you might sign.
Fort further information, on the requirements of a Marital Termination agreement, I highly recommend you contact a local Apple Valley MN divorce lawyer near you.
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