What is a Property Settlement Agreement?

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:

  1. 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.
  2. 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 in order to be legally binding.

Let Montgomery, Kelley & Dennett Help with Your Division of Property

MKD Attorney’s can help with a property settlement agreement by providing the following services:

  1. Legal Advice: An attorney can advise you on your rights and obligations regarding property division and help you understand the terms of the agreement. They can also help you negotiate with your spouse or partner to reach a mutually agreeable settlement.
  2. Drafting the Agreement: An attorney can draft the agreement based on your specific needs and the laws of your state. They will ensure that the agreement is legally binding and complies with state and federal laws.
  3. Reviewing the Agreement: An attorney can review the agreement before it is signed to ensure that it is fair and in your best interests. They can also make any necessary changes or revisions to the agreement.
  4. Representation in Court: If necessary, an attorney can represent you in court and ensure that your rights are protected throughout the property settlement process.

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.

Here at Montgomery, Kelley & Dennett we pride ourselves on providing world class legal services to each client we serve. 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