Massachusetts Marital Separation and Property Settlement Agreement

Marital Separation and Property Settlement Agreement with Adult Children

NOTICE: THIS IS AN IMPORTANT LEGAL AGREEMENT AND HAS SUBSTANTIAL LEGAL CONSEQUENCES ON YOU, YOUR RIGHTS AND OBLIGATIONS. YOU ARE ADVISED TO CONSULT AN ATTORNEY FOR INDEPENDENT LEGAL ADVICE PRIOR TO EXECUTION OF THIS AGREEMENT.

STATE OF MASSACHUSETTS

COUNTY OF

WHEREAS, (full legal name), hereinafter referred to as "Wife", and (full legal name), hereinafter referred to as "Husband", are now married, having been married on the day of , , in County, ;

WHEREAS, the parties were separated on or about the day of , , while residing in County, , and since that date have been living separate and apart;

Husband Initials:      Wife Initials:

WHEREAS, the parties intend that this Agreement shall be binding and effective subject to approval by the Court in that certain action pending in the Commonwealth of Massachusetts, The Trial Court, The Probate and Family Court Department, Division, Cause Number , which is a divorce action involving Husband and Wife.

SECTION 1. SEPARATION; RELINQUISHMENT OF MARITAL RIGHTS

The parties shall continue to live separate and apart, free from interference, authority and control by the other, as if each were sole and unmarried, and each may conduct, carry on and engage in any employment, business or trade which each shall seem advisable for their sole and separate use and benefit, without, and free from any control, restraint or interference by the other party in all respects as if each were unmarried. Neither of the parties shall molest or annoy the other or seek to compel the other to cohabit or dwell with the other by any proceedings for restoration of conjugal rights or otherwise, or exert or demand any right to reside in the home of the other, if any.

SECTION 2. FINANCIAL DISCLOSURES

By execution of this instrument, each party warrants and represents to the other party that he or she has fully disclosed their financial status, including their assets and liabilities of all types and agree that the terms of this Agreement are fair, just, and equitable after consideration of the financial status of the parties.

SECTION 3. ASSETS

A. In General. Husband and Wife are in possession of all personal property belonging to each, and neither makes any claim to any personal property in the possession of the other except as otherwise stated in this Agreement. The parties agree to divide their assets (everything they own and that is owed to parties) as provided below. Any personal item(s) not listed below is the property of the party currently in possession of the item(s). Each party shall retain as his or her own all of their personal clothing, jewelry and effects.

B. Wife shall receive as her own and Husband shall have no further rights or responsibilities regarding these assets:

Current Fair Market Value

Cash (on hand) $

Cash (in banks/credit unions)

Stocks/Bonds

Notes (money owed to you in writing)

Money owed to you (not evidenced by a note)

Real estate: (Home)

(Other)

Business interests

Automobiles

Boats

Other vehicles

Retirement plans (Profit Sharing, Pension, IRA, 401(k)s, etc.)

Furniture & furnishings in home

Furniture & furnishings elsewhere

Collectibles

Jewelry

Life insurance (cash surrender value)

Sporting and entertainment (T.V., stereo, etc.) equipment

Other assets

Total Assets to Wife $

C. Husband shall receive as his own and Wife shall have no further rights or responsibilities regarding these assets:

Current Fair Market Value

Cash (on hand) $

Cash (in banks/credit unions)

Stocks/Bonds

Notes (money owed to you in writing)

Money owed to you (not evidenced by a note)

Real estate: (Home)

(Other)

Business interests

Automobiles

Boats

Other vehicles

Retirement plans (Profit Sharing, Pension, IRA, 401(k)s, etc.)

Furniture & furnishings in home

Furniture & furnishings elsewhere

Collectibles

Jewelry

Life insurance (cash surrender value)

Sporting and entertainment (T.V., stereo, etc.) equipment

Other assets

Total Assets to Husband $

C. Contingent Assets and Liabilities shall be divided as follows:

E. Additional Retirement Account Provisions. The parties represent that all retirement and pension types of accounts have been disclosed and agree to the following division of same:

Retirement Accounts Person to Receive Current Fair Market Value

Husband Accounts: $

Wife Accounts: $

F. Additional Life Insurance Provisions. The parties agree in reference to their respective life insurance policies the following (indicate policies, owner, beneficiary):

G. Additional Household Furnishing and Effects Provisions. (Select as appropriate)

The household furnishings and effects of the parties have been mutually divided by the parties and neither makes claim to any such property in the possession of the other except as provided above.

Wife agrees that the Husband shall retain all of the household furnishings and effects presently located on the premises at , excepting those items already removed by the Wife, or to be removed, with the Husband’s permission, except as listed and provided above.

Husband agrees that the Wife shall retain all of the household furnishings and effects presently located on the premises at , excepting those items already removed by the Husband, or to be removed, with the Wife's permission, and except listed and provided above.

H. Additional Marital Home Provisions.

The marital home of the parties shall be:

i) Occupied by ( ) Husband ( ) Wife.

ii) Titled in the name of ( ) Husband ( ) Wife.

The expenses of the marital home are and shall be paid as follows:

i) ( ) Wife ( ) Husband shall pay the mortgage payments. This obligation terminates .

ii) ( ) Wife ( ) Husband shall pay the utilities and other expenses in connection with the upkeep and maintenance of the home. This obligation terminates .

iii) ( ) Wife ( ) Husband shall pay all taxes, insurance and assessments. This obligation terminates .

I. Additional Provisions or explanations:

SECTION 4. DEBTS, LIABILITIES AND EXPENSES

A. Except as otherwise provided herein each party agrees to pay their respective individual debts.

B. Division of Liabilities/Debts. The parties divide their liabilities (everything they owe) as follows:

Wife shall pay as her own the following and will not at any time ask Husband to pay these debts/bills:

Monthly Payment / Current Amount Owed

Mortgages on real estate: (Home) $ $

(Other) $

Charge/credit card accounts $

Auto loan $

Auto loan $

Bank/credit union loans $

Money you owe (not evidenced by a note) $

Judgments $

Other $

Total Debts to Be Paid by Wife $

C. Husband shall pay as his own the following and will not at any time ask Wife to pay these debts/bills:

Mortgages on real estate: (Home) $ $

(Other) $

Charge/credit card accounts $

Auto loan $

Auto loan $

Bank/credit union loans $

Money you owe (not evidenced by a note) $

Judgments $

Other $

Total Debts to Be Paid by Husband $

SECTION 5. FUTURE EARNINGS AND ACQUISITIONS

All income, earnings, or other property received or acquired by either party to this Agreement on or after the date of execution of this Agreement shall be the sole and separate property of the receiving or acquiring party. Each party, as of the effective date of this Agreement, does hereby and forever waive, release, and relinquish all right, title, and interest in all such income, earnings and other property except as necessary to collect any sums due hereunder in the event of default.

SECTION 6. SPOUSAL SUPPORT (ALIMONY)

1. In consideration of the provisions contained herein for the respective benefits of the parties and other good and valuable considerations, the parties hereto mutually waive any and all claim or right to temporary or permanent alimony, maintenance or support, whether past, present or future. Thus, each of the parties forever give up any right to spousal support (alimony) that they may have from the other.

2. ( ) Husband ( ) Wife agrees to pay spousal support (alimony) in the amount of $ every ( ) week ( ) other week ( ) month, beginning and continuing until .

Explain type of alimony (temporary, permanent, rehabilitative, and/or lump sum) and any other specifics:

Life insurance in the amount of $ to secure the above support, will be provided by the obligor.

SECTION 7. CHILD(REN)

The following child(ren) have been born to the marriage of the parties:

Name            Birth date

All child(ren) are adults, self-supporting and emancipated and there is no need to agree on child custody or visitation. The parties shall maintain a meaningful parent/child relationship with the child(ren) of the parties.

SECTION 8. MUTUAL INDEMNITY

The parties agree in regard to the payment of debts and other liabilities as stated in this Agreement that each shall indemnify and hold harmless the other for the payment of same.

SECTION 9. INCOME TAXES

With respect to any earlier year in which the parties filed joint Federal and State Income Tax Returns, each party agrees to indemnify the other for any income tax liability, penalty or deficiency associated with his or her income and shall hold the other party harmless therefor.

The parties shall file separately for the year and each year thereafter.

SECTION 10. ADDITIONAL OR FURTHER DOCUMENTS; COOPERATION

Each party agrees that he or she will sign and execute any further or additional documents as may be necessary to put into effect the intended purposes hereof. Each party shall execute, acknowledge and deliver to the other party any and all instruments and assurances that the other party may reasonably require or find convenient, expedient, or businesslike for the purpose of giving full force and effect to the provisions of this Agreement, specifically including any deeds, affidavits, tax forms or other instruments required of one party to the other in order to pass good or merchantable title to any property owned by either party during the marital relationship.

SECTION 11. DIVORCE

It is agreed and understood that this Agreement finally settles all rights of the parties and the property jointly or individually owned by the parties, and that this Agreement shall be incorporated into judgment of the Commonwealth of Massachusetts, The Trial Court, The Probate and Family Court Department, Division, Cause Number . The parties agree that this Agreement shall be made a part of a final decree or judgment and such decree or judgment shall not conflict with the terms hereof except to the extent disapproved by the Court. The parties agree that each mutually submits to the personal jurisdiction of the Commonwealth of Massachusetts,

The Trial Court, The Probate and Family Court Department, Division, so that said Court has the power to decide any and all matters and questions concerning the dissolution of the parties’ marriage, and the division of the parties’ property and debts.

SECTION 12. MODIFICATION

This Agreement shall stop and preclude either party from making other or further demands and claims upon the other, not included herein, except that such legal action may be taken by either party as is necessary to enforce or modify the terms and provisions hereof, except that the Property Settlement provision shall not be subject to modification.

SECTION 13. ABSENCE OF DURESS OR UNDUE INFLUENCE

The parties agree and state that each has freely and voluntarily entered into this Agreement. This Agreement was executed free of any duress, coercion, collusion, or undue influence. In some instances, the Agreement represents a compromise of disputed issues; however, both parties believe that its terms and conditions are fair and reasonable.

SECTION 14. RELEASE, WAIVER, BINDING EFFECT, AND ESTATES

Except as otherwise provided for in this Agreement, each party shall be divested of and each party waives, renounces and gives up all right, title and interest in and to the property awarded to the other. All property and money received and retained by the parties shall be the separate property of the respective party, except as is specifically stated herein.

Except for those rights and obligations contained in this Agreement, or arising therefrom by operation of law, both parties do hereby release and forever discharge the other party from all actions, causes of actions, claims and demands whatsoever, known and unknown, suspected and unsuspected, apparent now or hereafter.

The parties shall refrain from, release and relinquish any and all claims that he or she may have had, may now have, or may hereafter acquire to share in any capacity or to any extent whatsoever, in the estate of the other, whether by way of statutory allowance, heirship, homestead rights, or election to take against or under the other party’s Last Will and Testament.

The parties specifically waive and relinquish any such right regardless of whether the Will of the other has been changed to delete the gift to her or him and regardless of whether one party shall die prior to the entry of a final judgment of divorce.

SECTION 15. ENFORCEMENT

This Agreement may be enforced by actions and proceedings for Contempt of Court, or attachment and garnishment, for specific performance, or any other remedy legally available to either Husband or Wife, for the enforcement of the provisions and covenants of this Agreement.

SECTION 16. BANKRUPTCY

To the extent of any obligation contained herein is discharged in bankruptcy and the non-bankrupt party is held liable for said debt, the non-bankrupt party shall have the right to petition a court of competent jurisdiction for spousal support in an amount sufficient to cover any amounts so discharged.

SECTION 17. ENTIRE AGREEMENT

This Agreement constitutes the entire Agreement between the parties and each party acknowledges that there are no further agreements not expressly included herein and that this Agreement may be modified, altered, or amended only in writing, duly signed and notarized by each in the form of this original.

SECTION 18. FULLY READ AND UNDERSTAND; INFORMED CONSENT

Each party represents and acknowledges that he or she has fully read this Agreement, consulted with each other, carefully considered same, and have signed and executed same after such consultation, that the signing of this Agreement is free and voluntary without force or collusion by either party or any third party, and that each party signed same with the full knowledge of said party's rights, obligations, and responsibilities. Each party agrees that they have had a reasonable opportunity to consult with an attorney of their choice in the negotiation and preparation of this document, and regarding any divorce proceeding.

SECTION 19. SEVERABILITY

If any portion of the Agreement shall be held to be void, voidable or unenforceable for any reason, then all the remaining parts or portions shall be construed, implemented and administered as if such void, voidable or unenforceable portion did not appear herein.

SECTION 20. CONTROLLING LAW

This Agreement shall be governed, enforced and interpreted according to the laws of the State of Massachusetts.

SECTION 21. EFFECTIVE DATE; HEIRS AND ASSIGNS

This Agreement is binding upon the parties and their legal representatives, successor, heirs and assigns, subject only to approval by the Court in which divorce proceedings are instituted.

EXECUTED AND AGREED ON THE DATES SET FORTH BELOW. I certify that I have been open and honest in entering into this Settlement Agreement. I am satisfied with this Agreement and intend to be bound by it.

State of Massachusetts

County

On this day of , 20 , before me personally appeared (or and ), to me known to be the person (or persons) described in and who executed the foregoing instrument, and acknowledged that he/she/they executed the same as his/her/their free act and deed.

___________________________________

Notary Public

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