An agreement entered into by a Husband and Wife in connection with a Divorce that provides for the division of their assets between them.
Property settlements can arise through agreement of the parties, subject to approval by the court, or by court order. Once approved, the settlement functions like a contract for enforcement or modification purposes. Some states use alternate terms to describe a property settlement, such as property agreement, settlement agreement, or separation agreement.
A property settlement involves the property that the couple obtained either before marriage or during marriage. The agreement also may include such issues as maintenance (otherwise known as Alimony) payments to one spouse or even custody of the children.
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