One of the most important issues that divorcing couples must face involves settling property.
From who will get the house, cars, land, and investments, to issues of custody these issues must be settled and determined, most often in a court of law.
Both sides will present their case, and an attorney will prepare a Property Settlement Agreement.
Since a Property Settlement Agreement is a legally binding contract, it is very important never to sign an agreement without the assistance of an attorney.
Every state has varying laws that govern the process of divorce and property settlement agreements are no different. An experienced family attorney is needed to assist with the agreement, making certain that rights are properly represented and the agreement is written according to the law.
The party that files for the divorce will be named as the petitioner in the property settlement agreement and the other party will be named as the respondent.
Property Settlement Agreements may or may not include information regarding child custody and visitation. The purpose of the agreement is to try to avoid having a trial for the divorce. It is better if a couple can come to their own conclusion regarding settling property matters as well as determining issues of custody and child visitation. However, because a couple is trying to avoid trial does not mean that they do not need to seek the advice and counsel of an attorney.
The Property Settlement Agreement will address issues such as who will remain in the home, who will retain possession of certain property, including items such as jewelry, clothes, computers, art, furniture, vehicles, savings and checking accounts, retirement funds such as 401K plans, etc.