You and your spouse have decided to settle the divorce amicably. The next step is to draft a settlement agreement that outlines everything both of you have agreed. The marital settlement agreement (MSA) should be as comprehensive as possible covering all the issues. There are six things that you need to ask for in the marital settlement agreement.

House

The house is the most important asset in the divorce. There are many options – the house could be sold and the proceeds are divided between you and your spouse. You and your ex-spouse could also co-own the house and share the mortgage and rental income. If you are not awarded the house, you could retain it by purchasing it back when it is listed on the market. 

Division of Debt

The division of debt needs to be outlined in the settlement. Family law attorneys in Scottsdale can offer advice on how the debt is to be divided equally when the couples cannot come to term. You will need to provide your lawyer with a list of debts that you and your spouse owe. Debts that are owed individually and jointly need to be mentioned in the settlement. You also need to provide a logical reason for the division of the debts.

Retirement Accounts

Retirement accounts will also need to be divided equally. Some of the retirement accounts include 401ks and IRAs. The spouse is sometimes allowed to use the funds in the retirement accounts to buy out the house. The division of the retirement funds is an important part of the settlement especially if you and your spouse are well advanced in age and around the retirement age. You have the right to receive a fair sum of the retirement funds since it is not enough to depend on social security.

Life Insurance Policy

Changes will need to be made to the life insurance policies during a divorce. If the other spouse is paying child support or alimony, the settlement will make a provision that he should maintain a life insurance policy. In the life insurance policy, it should state the name of the other spouse to ensure he/she continues to receive child support and alimony after the spouse is deceased.

Child Custody

The settlement also needs to make provision on the custody of the children under 18 years of age. Usually, one spouse will get the sole custody and the other spouse will get the visitation rights. There is an increasing number of spouses that agree on joint custody so that the kids take turns to live in two homes. The lawyer can work out a smooth arrangement for the visitation and holiday time.

Child Support and Alimony

In the settlement, you can also ask for the alimony and child support. Usually, alimony and child support is paid by the spouse with higher income. Your lawyer can work with you on how many children support you should ask for if you have no idea. You will want to consider future expenses in child support such as private school tuition, and college tuition.  Your lawyer will be able to represent you in the court to ensure you receive maximum child support and alimony.

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