Navigating the complex maze of divorce can be a daunting task for anyone. However, one way to ease the process is to enter into a marital dissolution agreement (MDA), also commonly referred to as a legal separation contract. An MDA is a legally binding document that outlines the terms and conditions of a divorce, such as child custody, spousal support, asset division, and debt allocation. These agreements can make the separation agreements process smoother and less stressful for both parties involved. In this comprehensive guide, we’ll cover everything you need to know about MDAs, their benefits, and how to draft one that suits your unique circumstances.

What is a Marital Dissolution Agreement (MDA)?

A marital dissolution agreement or legal separation contract (LSC) is a written agreement between two people who are separating. The agreement outlines the terms of the divorce and the rights and obligations of each party. An MDA is different from a divorce decree because it is an agreement reached by the parties, whereas a divorce decree is a court order. The agreement is legally binding, and both parties are required to honor it.

What are the benefits of an MDA?

There are several benefits of entering into an MDA. Firstly, it allows couples to tailor the terms of their separation to their specific circumstances. This means that both parties can agree on what they want to happen, rather than relying on a court to impose decisions on them. Secondly, an MDA can help to reduce the costs and time associated with divorce proceedings. Finally, an MDA can help to reduce the emotional stress and tension that often arises during a divorce.

What can be included in an MDA?

An MDA can include any terms that the parties agree upon and that are legal. Typically, an MDA will include the following:

Child custody and visitation arrangements

Child support payments

Alimony or spousal maintenance

Asset and debt division

Medical and life insurance coverage

Other terms that may be included in an MDA include the distribution of personal property, tax liabilities, and how disputes will be resolved.

How to draft an MDA

While an MDA should be tailored to your specific circumstances, there are several essential elements that should be included. Firstly, the agreement should clearly state the date it is being signed and the names and addresses of both parties. Secondly, it should outline the terms of the separation, including custody arrangements, the division of assets and debts, and spousal support. The agreement should also include details about how disputes will be resolved and any other terms that the parties agree to.

How to ensure an MDA is legally binding

To ensure that an MDA is legally binding, both parties should have independent attorneys review and sign the agreement. Before signing, both parties should fully understand the terms of the agreement and be aware of their legal rights and obligations. It’s also essential to keep the agreement up to date. As circumstances change, the MDA may need to be modified to reflect those changes.

Conclusion:

Navigating a divorce can be challenging, but entering into a marital dissolution agreement can make the process smoother and less stressful. By having a clear understanding of what an MDA is, its benefits, and how to draft one, you can work towards a more amicable separation. Just remember, an MDA is legally binding, so it’s critical to seek legal advice and ensure that the agreement is fair and equitable for both parties involved.