A marital settlement agreement is a written agreement that addresses all the issues between the parties, including alimony, shared parental responsibility, a parenting plan or timesharing schedule, the distribution of assets and liabilities, child support, and any other issues that the clients may have. The careful preparation of this document is extremely important because, once approved by the court, it will constitute a binding contract between the parties. While child support and some types of alimony are modifiable upon a showing of a substantial change of circumstances, other provisions, such as those relating to equitable distribution, or a waiver of alimony, cannot be changed. Once executed by the parties, the agreement can be promptly presented to the court and the divorce matter concluded. Parties can enter into a marital settlement agreement at any point during the process. There are many benefits to entering into a marital settlement agreement. The court is strictly bound by the law, whereas the parties, aided by competent attorneys, can find creative solutions to their particular problems that the judge, perhaps due to lack of time or the constraints of the law, cannot.
