A Property Settlement Agreement or Separation Agreement is a contract, executed by husband and wife, in which the parties divide their marital assets and debts as well as settle any other issues arising out of the parties’ marriage. The goal of the Property Settlement Agreement is to settle as many issues as possible between the parties to avoid the time and expense of litigation. A standard Property Settlement Agreement includes the division of marital assets and debts (such as real estate, automobiles, furnishings and savings accounts) and resolution of other matters such as spousal support, child support, child custody, visitation rights, and health insurance coverage.
An attorney should prepare the Property Settlement Agreement to ensure that all matters are properly addressed and the legal terminology is accurate. If the parties cannot reach an amicable settlement of all issues, whatever issues remain unresolved will be decided by a judge after depositions of the parties and their witnesses have been taken.
