Divorce can be a challenging and emotionally charged process for many people. For others, however, it is simply a formality. Some relationships end amicably, and divorce may just be a matter of deciding who gets what after they go their separate ways.
This is what typically happens with a divorce based on mutual consent. In Maryland, this type of divorce involves creating a marital settlement agreement.
What is an MSA?
A marital settlement agreement (MSA), also known as a separation agreement, is a written contract that details how divorcing spouses will:
- Divide their assets
- Handle custody and support for any children
- Address spousal support and other relevant matters
In a mutual consent divorce, you must sign and file an MSA along with the divorce complaint and other relevant paperwork in court to finalize it.
What are the key considerations?
When drafting an MSA, consider the following:
- How can you meet your children’s needs? This includes where they will live, how often they will see each parent and how you and your co-parent will cover their expenses. Take note that you will have to attach an accomplished parenting plan (custody agreement) that outlines parenting time and decision-making authority. You will also need to attach a Child Support Guidelines Worksheet.
- Who will provide financial support to the other? You will both need to decide how much and for how long. You can also decide to forego spousal support entirely.
- How will you divide your marital assets and debts? This includes real estate, savings and personal property that you or your ex-spouse acquired during the marriage. Outlining, valuating and negotiating these assets can be complicated, especially if you have high-value businesses and properties. Working with an attorney may be necessary.
Take note that while Maryland courts generally honor the terms of an MSA, they may modify terms related to child welfare to protect the best interests of the children involved.
While a mutual consent divorce may be simpler than other divorces, it can still come with its own set of complications. Make sure to consult a lawyer to ensure your agreement is fair and comprehensive.