Marital Settlement Agreement Los Angeles
A Marital Settlement Agreement, otherwise known as a Stipulation of Settlement, is a contract that two people who are about to divorce enter into in regards to their property.
If there is any marital property, which is property obtained during the marriage, then a Marital Settlement Agreement will be required.
Types of Marital Property
Many people do not know which properties, debts, or assets are applicable, and the list below should inform you of your assets
•Interests in property or real property such as a house, co-op, vacation home, or condo.
•Personal property such as automobiles, art, furniture, jewelry, or anything that may hold value to one of the parties.
•Investments such as stocks, bonds, or any type of equity stake in a company.
•Joint bank accounts.
•Marital liabilities such as car loans, credit card debt, mortgages, and the like.
If the married couple has any of the items above, they will need a Marital Settlement Agreement to be part of their divorce paperwork.
Retaining Control Over The Division Of Assets
Other than having the court decide how to divide any property in an equal manner, a Marital Settlement Agreement allows the divorcing couple to have a say in how things are split up. This is due to the courts not making sure that everything is equal, but instead that everything is equitable. Which means that the separation of assets is fair, and not split 50/50.
If the court decides what to divide, they will have a massive amount of power and discretion in deciding what will happen to all of those hard earned assets.