Legal Definitions - marital termination agreement

A marital termination agreement is a formal, written contract created by spouses who are ending their marriage. It is also commonly known as a divorce settlement agreement, marital settlement agreement, or separation agreement. This document outlines the rights and responsibilities of each spouse regarding various matters that arise from their divorce.

Once signed, a marital termination agreement is legally binding on both parties. It typically covers crucial issues such as:

• Child Custody and Visitation: Determining where children will live and how parents will share parenting time.
• Child Support: Establishing financial contributions for the children's upbringing.
• Spousal Support (Alimony): Detailing financial payments from one spouse to the other, if applicable.
• Division of Property and Debts: Specifying how assets (like homes, bank accounts, retirement funds) and liabilities (like mortgages, credit card debt) will be distributed.

If one party fails to uphold their obligations under the agreement, the other spouse can ask the court to enforce its terms. While financial provisions related to property and debts are generally final and cannot be changed without mutual consent, child support provisions may be modified under specific circumstances, such as a significant change in either party's income or other substantial changes in circumstances.

An agreement can be deemed invalid if it is found to be grossly unfair (unconscionable), or if it was entered into as a result of fraud, coercion, or if a mediator involved in its creation was not impartial or failed to properly inform the parties of their rights.

Examples:

• Comprehensive Settlement for a Family:

  After 12 years of marriage, Sarah and David decide to divorce. They have two young children, a family home, and several joint bank accounts. To avoid a contentious court battle, they work with their respective attorneys to draft a marital termination agreement. This agreement meticulously details that Sarah will have primary physical custody of the children, David will pay a specific amount of child support monthly, and they will share joint legal custody. It also stipulates that the family home will be sold, with the proceeds divided equally, and their retirement accounts will be split according to a pre-determined formula. This document provides a clear, legally enforceable framework for their post-divorce lives, ensuring both parties understand their new obligations and rights regarding their children and finances.

• Enforcement of Property Division:

  Maria and Robert finalized their divorce last year, and their marital termination agreement included a clause stating that Robert would transfer the title of their jointly owned vacation cabin to Maria within 90 days. Despite repeated requests, Robert has failed to complete the transfer. Because the agreement is a legally binding contract, Maria can file it with the court. The court can then issue an order compelling Robert to fulfill his obligation, demonstrating how the agreement serves as a powerful tool for legal enforcement when one party does not adhere to the agreed-upon terms.