Normally, after the parties separate but before the final divorce decree is granted, the parties enter into a written contract, enforceable by the court that at least covers the following:
- Who will retain ownership of the automobiles, the house, and its furnishings
- Who will retain ownership of businesses, stocks, bonds, and bank accounts
- Who will provide support for the children and possibly a dependent spouse
- Who will be responsible for the couple’s debts, including any legal fees
- Who will provide health and life insurance
- Who will have custody of the children, where they will live, how much time they will spend with each parent, etc.
Even when the parties are in total agreement on all the issues, executing a PSA before going to court prevents misunderstandings and disputes that a court may have to step in to settle, with results that may not be to the parties’ liking. PSAs are enforceable by the court, and the portions concerning child custody, support, and visitation (if applicable) may be modified later by the court based upon a showing of a change in circumstances..
After the parties separate, they often agree to a written contract, enforceable by the court, that covers how different property and rights will be divided— such as real estate ownership, retirement benefits, division of furnishings and automobiles, child custody and support, etc.
Even when parties are in full agreement, executing a PSA can help prevent misunderstandings and disputes. PSA’s are enforceable by the court, and can be modified later if needed.
If you are in need of a PSA, also known as a Marital Separation Agreement (MSA), one can be purchased at Flash Divorce.