A vast majority of dissolution of marriage actions end in a settlement. However, not many people know where to begin in the negotiation process. You may ask: How do I draft a divorce agreement? How do I negotiate a divorce settlement with my spouse?
While it is always best practice to meet with a family law attorney before signing any agreement, you should start thinking about the following key components to include in a Florida Marital Settlement Agreement (MSA):
Property Division: The Agreement should specify how marital property (assets and debts acquired during the marriage) will be divided between the spouses. Florida follows the principle of equitable distribution, meaning that property should be divided fairly but not necessarily equally. TIP: Do not forget about retirement accounts and benefits, all real estate, all bank accounts, and all personal property acquired during the marriage (no matter whose name it is in). This goes for liabilities as well.
Alimony/Spousal Support: If applicable, the MSA should outline any alimony payments. This should include, amount, duration, and any special conditions or circumstance for modifying and terminating it.
Child Custody, Visitation (Timesharing): If you have children, a Parenting Plan referenced in the MSA should detail the timesharing arrangements, including but not limited to: parental responsibility (decision-making responsibility), child support, how and when exchanges will take place, and what school the minor child(ren) will attend.
Health Insurance and Medical Expenses: If one spouse provides health insurance for the other spouse and/or children or if there are uncovered medical expenses, the MSA and Parenting Plan should address how insurance and uninsured medical expense will be handled.
Tax Matters: The agreement should cover how tax exemptions and deductions for dependents will be claimed, as well as the division of any tax refunds or liabilities.
Legal Fees: Address how legal fees and court costs will be paid. Whether they will be shared or borne by one party.
Miscellaneous Provisions: Do not forget to include a severability clause, dispute resolution methods, what occurs in the event of violation of the Agreement, and much more.
This list is just a good place to start your negotiation, it is crucial to have legal representation or at minimum a consultation with an attorney when creating a Marital Settlement Agreement in Florida to ensure that your rights and interests are protected. Additionally, it should be submitted to the Court for approval as part of the divorce proceedings to ensure it complies with Florida Law.
We are happy to assist you in settling your dissolution of marriage case. Give us a call today to set up your consultation to learn all about your rights and interests (352) 434-0075!