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What is a Property Settlement Agreement?


A Property Settlement Agreement, also known as a Marital Settlement Agreement, is a formal, written contract between spouses which outlines how any real property (home and/or other real estate including commercial property, rental property, timeshare, etc.), assets (businesses, vehicles, bank accounts, stock accounts, retirement accounts, annuities, etc.), and liabilities (credit card debt, student loans, mortgage debt, etc.) that parties have acquired during their marriage will be treated. The payment of alimony is also set forth in such an Agreement in specificity, including amount, duration, and/or termination of this obligation.

Additionally, a Property Settlement Agreement addresses any and all child related issues, including but not limited to, custody, parenting time, child support, holidays and other special events, medical coverage, unreimbursed medical expenses, life insurance, extracurricular activities, automobile insurance, college selection and costs, etc.

Other topics that are included in a Property Settlement Agreement vary from couple to couple, and are specific and unique to each family.

Once parties enter into a Property Settlement Agreement, this document is signed by each party and presented to the Court at what is known as an Uncontested Divorce Hearing.

This document is a critical and crucial contract, as it outlines the parties' rights and responsibilities, as they move on to the next phase of their lives. Contact our law firm at 732-389-3800 to learn more about how such an Agreement can be drafted for you.

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