A property settlement is similar to a separation agreement. Sometimes parties will agree simply that they are separating and do not include other details, on other occasions, parties will agree upon the division of property or may agree on all issues in the case. In some situations parties may agree to divide one asset, separating that asset out from the rest of the marital estate so that the parties are free to spend that asset as they choose. If this is the case, it is important to document the true intent of the parties so that the court will know what was agreed upon at the time of the divorce. You should not sign a property settlement without first reviewing the document with your attorney.
For more information on divorce, read our “Divorce Do’s and Don’ts – A Free Checklist of Tips“