When a married couple wants to end their marriage in the State of Tennessee, they have the option of filing for divorce or entering into a marital dissolution agreement. A marital dissolution agreement is a legal contract between the couple that outlines the terms of their separation and division of assets and liabilities. This agreement can be entered into voluntarily or through mediation, and can help both parties save time, money and stress associated with a traditional divorce.

The state of Tennessee sets forth specific guidelines for the contents of a marital dissolution agreement. The agreement must include provisions for the division of property and debt, including real estate, vehicles, investments, bank accounts, and personal property. Additionally, it must specify how alimony will be paid, including the amount and duration of payments.

Child custody and support arrangements must also be included in the agreement. This includes who will have legal and physical custody of the children, visitation schedules, and the amount of child support to be paid. It is important to note that child support payments in Tennessee are determined based on the income of each parent and the number of children involved, among other factors.

Once a marital dissolution agreement is signed and notarized by both parties, it becomes a legally binding contract. It is enforceable by a court of law, and non-compliance can result in penalties and legal action. Therefore, it is crucial for both parties to carefully review and understand the terms of the agreement before signing.

In order to ensure a fair and equitable agreement, it is recommended that both parties seek the guidance of an experienced family law attorney. These attorneys can help individuals understand their legal rights and obligations, and can help negotiate the terms of the agreement to achieve a fair resolution for both parties.

Overall, a marital dissolution agreement can be a beneficial option for couples seeking to end their marriage amicably and efficiently. By working together to create a detailed and comprehensive agreement, both parties can move forward with their lives with a clear understanding of their rights and responsibilities.