Definition of Property Settlement Agreements
A property settlement agreement is a legal document that outlines the terms and conditions for the division of property and assets between divorcing spouses or separating partners. It is used to resolve disputes regarding the distribution of property, debts, and other financial assets and liabilities. The agreement is usually signed and made legally binding before or after the divorce or separation proceedings.
Types of Property Settlement Agreements
There are two main types of property settlement agreements:
Marital Property Settlement Agreement: This type of agreement is used in divorce cases and outlines the division of property and assets between spouses. It covers marital property such as real estate, retirement accounts, vehicles, and other assets acquired during the marriage.
Separation Agreement: This type of agreement is used in cases of legal separation and outlines the division of property and assets between partners who are not married but are separating.
Both types of agreements may include provisions for child support, spousal support, and the division of debts and liabilities. The terms of the agreement must be agreed upon by both parties and approved by a court to be legally binding.
Let Montgomery, Kelley & Dennett Help with Your Division of Property
By working with Montgomery, Kelley & Dennett, you can have peace of mind knowing that your rights and interests are protected, and that the agreement you reach is legally binding and enforceable. We pride ourselves on providing world class legal services for property settlement agreements. We look forward to serving you and all your legal needs in the Williamsburg, James City, New Kent, Yorktown & Hampton areas. Call Now! 757.229.8284