A Marital Settlement Agreement is a document commonly used in no-fault, uncontested divorces in Mississippi. When spouses have reached a compromise on all disputable topics related to their break-up, they can outline them in a MSA and file it together with other divorce firms. Sometimes, couples call this document a property settlement agreement. However, the form includes much more information than the property division terms only.
For instance, the parties can elaborate on whether they have joint legal custody, who their kids will live with, how often a non-custodial parent will spend time with children, whether one spouse has to pay alimony, how to divide vehicles, what to do with retirement accounts, and more.
A Marital Settlement Agreement is used to demonstrate to the court that spouses are on amicable terms about the marriage ending. The judge will check the MSA and approve the terms if they are fair. Thus, it is possible to avoid several hearings and speed up the divorce process. Generally, if spouses’ decisions listed in their agreement are accepted by the judge, they are included in the Final Judgement of Divorce.
What Does an MSA Include?
A Marital Settlement Agreement should be as detailed as possible, outlining all agreed-upon terms of a marriage termination. Typically, it may include the following sections:
- Debt and property division agreement – spouses need to define how their marital assets and debts will be split. The list can contain real estate, bank accounts, retirement accounts, and other financial assets. In Mississippi, the division of assets must be equitable.
- Child custody and visitation – spouses with minor kids have to agree on custody. They need to decide with which parent the children will live on a day-to-day basis, how often the other parent can visit the kids, how they will make legal decisions, etc. The main requirement is to meet the child’s best interests.
- Child support – parents have to determine the sum, frequency, and duration of payments based on the state Child Support Guidelines.
- Spousal support – if one of the spouses requires financial support and the other party can pay it, spouses need to agree on the sum and duration of alimony.
These are some general terms of divorce settlement agreement applicable in most cases. However, you may need to address more arrangements based on the specifics of your situation.
Marital Settlement Agreement FAQs
If you are going to prepare a settlement agreement for divorce, you may have certain doubts or questions about it. The answers to some of them are provided below.
What Are the Benefits of the MSA?
The biggest advantage of the MSA is the possibility of having control over the outcomes of a divorce. Spouses can settle important issues cooperatively, focusing on their needs and desires. Otherwise, the judge will resolve disputes for them, and the final decision may disappoint either or both parties.
Besides, spouses with a signed settlement agreement can expect a faster and cheaper marriage termination. If the stipulations specified are fair and reasonable, the judge will likely approve them. Thus, the parties may not involve attorneys and participate in several court hearings, which are usually an inevitable part of a contested divorce.
Another reason to complete a Marital Settlement Agreement is to have a clear understanding of the future after divorce. When you precisely define your rights and obligations, you can avoid potential conflicts concerning property division, splitting debts, paying child support, etc.
Is It Possible to Modify an MSA?
Yes, it is possible to change the MSA, but only under specific circumstances. Usually, modifications are requested when the terms of an agreement are no longer valid because either partner’s situation has changed, e.g., an ex-spouse lost their job and cannot pay child supp
Phyllis Tenney is an author with a deep knowledge of family law. Holding a Juris Doctor degree from a prestigious law school, she brings her legal expertise to her writing. Phyllis has a passion for exploring complex familial dynamics, and her novels often delve into the tangled web of relationships, love, and legal intricacies within families. In addition to her literary work, she contributes articles on family law topics to reputable publications and is a sought-after speaker at legal conferences.
