Baltimore Marital Settlement Agreement Lawyers

Attorneys Helping Clients Negotiate Divorce Settlements in Baltimore, MD

When a couple is going through a divorce, they will need to make a number of decisions about how the issues in their case will be handled. The decisions they make will be set down in a marital settlement agreement, which may also be known as a divorce settlement. The terms of this agreement can shape the finances of both parties, the relationships between family members, and other aspects of the parties' lives long after their divorce is finalized.

At Silverman Thompson, our attorneys guide people in Baltimore through the divorce process, helping them understand what issues will need to be addressed as they negotiate settlements. We work to help our clients reach agreements that will protect their interests while avoiding unnecessary conflict. With our experience in litigation of divorce cases and other matters, we can provide guidance on the best ways to resolve disputes, and we can advocate on behalf of our clients in court when necessary.

What Is a Marital Settlement Agreement?

The settlement a couple creates during their divorce will serve as a legally binding document that will detail issues related to financial matters, property division, child custody, and more. When the parties reach an agreement, it will be incorporated into their final divorce decree, and it will become an enforceable court order.

Issues Addressed in a Marital Settlement Agreement

A divorce settlement will address all issues involved in a case, which may include:

Division of Marital Property

The marital settlement agreement will identify and address all of the marital assets owned by a couple, including real estate property, financial accounts, investment portfolios, retirement funds, business interests, vehicles, and personal property. The agreement will detail who will retain ownership of each asset.

In addition to detailing who will receive different assets, a marital settlement agreement may also address how transfers will be made. It may specify that one spouse will be responsible for refinancing the mortgage on the couple's family home, when jointly held property will be sold, and how QDROs will be executed to distribute funds in a retirement account. These terms can help ensure that assets will be distributed correctly while avoiding potential disputes.

Allocation of Marital Debts

During the property division process, debts and liabilities will need to be addressed along with other assets. A marital settlement agreement should identify all marital debt, including mortgage balances, car loans, credit card debts, student loans, and/or tax obligations. It will assign responsibility for paying these debts between the parties.

Spousal Support

When a couple agrees that spousal support or alimony should be paid by one spouse to the other, the terms of these payments will be detailed in their settlement agreement. They will need to specify the amount that will be paid, the duration of payments, and any other important terms. If the parties agree to waive spousal support, this waiver should be included in their divorce settlement.

Child Custody and Parenting Arrangements

When a divorcing couple has minor children, their marital settlement agreement will need to address legal custody and physical custody/visitation. The portion of a settlement that addresses child custody is known as a parenting plan. It should address the regular parenting time schedule, holiday and vacation schedules, how communication between parents about children will be handled, and how disputes about parenting decisions or schedule changes may be addressed.

Child Support

Parents will also need to make sure child support arrangements are in place. Child support payments are usually calculated using guidelines provided in Maryland law. A marital settlement agreement will detail the amount of support that will be paid and the terms of payment. It may also address additional child-related expenses, and parents may agree on how they will contribute toward their children's college expenses in the future.

Options for Creating a Marital Settlement Agreement

In many divorces, spouses will be able to decide on the terms of their marital settlement agreement through direct negotiations. Each spouse will work with their own attorney, and they may communicate with each other by sending proposals, suggesting changes, and eventually deciding on the final terms of their settlement.

In some cases, spouses may choose to use mediation to negotiate a settlement. During this structured process, they will work with a neutral mediator, who can guide them through discussions and help them reach agreements on any disputed issues. The mediator does not make decisions for the parties, but they may create a productive environment for discussions and provide suggestions on potential solutions.

Mediation can be effective when spouses are willing to communicate with each other and work together to reach agreements. It can also be helpful if a couple wishes to maintain a positive and cooperative co-parenting relationship. Spouses can come up with creative solutions that may fit their specific situation.

Whether negotiations or mediation are used to negotiate a settlement, legal representation is important. A person can consult with their attorney during negotiations, make sure they understand the issues that will need to be addressed, and receive guidance on how they can protect their rights. Our lawyers can assist with negotiations and help our clients create settlement agreements that will meet their needs.

Contact Our Baltimore, Maryland Marital Settlement Agreement Attorneys

Whether you are hoping to negotiate a settlement in your divorce or are preparing for contested proceedings, the team at Silverman Thompson can provide you with effective representation during every stage of your case. We can help you understand the issues that will need to be resolved and the best steps to take to protect your interests. Contact our Baltimore divorce settlement lawyers at 410-385-2225 to schedule a confidential consultation with a member of our legal team.