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Property Settlement Agreement
Divide property and debts fairly after separation with this Property Settlement Agreement template.
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Property Settlement Agreement Template
This Property Settlement Agreement (“Agreement”) is entered into on [Date], by and between:
[Party A Full Legal Name], residing at [Address] (“Party A”), and
[Party B Full Legal Name], residing at [Address] (“Party B”) (together, the “Parties”).
1. Purpose and Intent
The Parties are separating or divorcing and wish to settle their property, debts, and financial obligations in a final and binding manner. The intent is to avoid litigation and establish fair terms.
2. Definitions
“Marital Property” means all assets acquired during the marriage, regardless of title.
“Separate Property” means assets acquired before the marriage, or during the marriage by gift or inheritance.
“Debts” means all liabilities incurred jointly or individually during the marriage.
3. Disclosure and Warranties
Each Party represents that they have fully disclosed all assets, liabilities, and financial information. Each further warrants that they have not transferred, concealed, or otherwise disposed of property with intent to defeat the other Party’s interest.
4. Division of Property
a. Separate Property: Each Party retains their separate property as listed in Schedule A.
b. Marital Property: The Parties agree to divide marital assets as listed in Schedule B, including real estate, vehicles, bank accounts, investments, and business interests.
5. Division of Debts
Debts are allocated as listed in Schedule C. Each Party agrees to hold the other harmless from debts assigned to them under this Agreement.
6. Real Estate
Regarding the marital residence at [Address], the Parties agree as follows: [state transfer, sale, refinance, or buyout terms, timelines, and responsibilities].
7. Spousal Support
[Specify support obligations, if any, including amount, duration, and conditions for modification or termination. If waived, state clearly that support is waived voluntarily and knowingly.]
8. Taxes
The Parties will file taxes separately from [Date]. Responsibility for past tax liabilities and refunds is set forth in Schedule D.
9. Retirement Accounts and Benefits
Division of retirement accounts, pensions, and benefits shall be handled through Qualified Domestic Relations Orders (QDROs) or equivalent legal mechanisms, if necessary.
10. Insurance
Each Party shall maintain their own insurance after [Date]. Any continuation of coverage must be stated here.
11. Waiver of Future Claims
Except as specifically provided, each Party releases and waives all claims against the other regarding property division, support, inheritance, or estate rights.
12. Dispute Resolution
Disputes under this Agreement will first be mediated. If unresolved, they may be submitted to binding arbitration or the court of competent jurisdiction.
13. Enforcement
This Agreement is enforceable in court. A defaulting Party may be ordered to comply and may be liable for attorney’s fees and costs.
14. Attorney’s Fees
Unless otherwise agreed, each Party bears their own attorney’s fees. Courts may award fees to the prevailing Party in enforcement actions.
15. Confidentiality
The Parties agree to maintain the confidentiality of this Agreement except as required by law or court order.
16. Modification
This Agreement may only be modified in a written document signed by both Parties.
17. Severability
If any part of this Agreement is found invalid, the remainder shall remain enforceable.
18. Acknowledgment of Voluntariness
Each Party acknowledges that they:
Have had the opportunity to consult with independent legal counsel.
Enter this Agreement voluntarily, without coercion or duress.
Understand the legal rights they may be waiving.
19. Governing Law
This Agreement shall be governed by the laws of the State/Province of [Jurisdiction].
20. Entire Agreement
This document represents the full agreement of the Parties regarding property settlement. It supersedes all prior oral or written agreements.
21. Signatures
Party A: _________________________ Date: ________
Party B: _________________________ Date: ________
22. Notarization (if required)
This Agreement was acknowledged before me on [Date] by [Party A] and [Party B].
Notary Public: ___________________________
My Commission Expires: __________________
Details
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Property Settlement Agreement
PROPERTY SETTLEMENT AGREEMENT FAQ
What is a Property Settlement Agreement?
A Property Settlement Agreement is a written contract between separating or divorcing partners that outlines how property, debts, and financial responsibilities will be divided. It helps finalize the financial aspects of separation in a clear, enforceable way.
Why is a Property Settlement Agreement important?
It prevents disputes by clearly documenting each party’s rights and obligations, protects assets, and provides a framework for support or debt allocation. Courts often require such agreements for an uncontested divorce.
When should you use a Property Settlement Agreement?
Use it when partners are separating or divorcing and want to resolve property, asset, and debt division outside of court, ensuring a smoother, faster, and more cost-effective process.
What should a Property Settlement Agreement include?
It should define separate and marital property, detail how assets and debts are divided, state any spousal support terms, include provisions for future disputes, and confirm that both parties enter the agreement voluntarily and with full disclosure.
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