Property Settlement Agreement

A Property Settlement Agreement is a legal document that outlines how assets, debts, and property will be divided between parties, often during a divorce or separation. It specifies each party’s rights and responsibilities regarding their shared possessions, like homes, cars, bank accounts, and other valuables. This agreement aims to prevent disputes by clearly detailing the terms of the settlement. Once signed, it generally becomes part of the divorce decree, making it enforceable by law. It’s important for both parties to carefully negotiate and understand the terms before finalizing the agreement.