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Property Settlement Agreements

A property settlement agreement is a written contract dividing the property of the marriage, spelling out the rights of each spouse to the marriage upon dissolution, and even settling other problems such as alimony and custody. A property settlement agreement may be drafted before or after the divorce or separation. However, under Virginia law, a reconciliation of the parties after the signing of a property settlement agreement shall abrogate the agreement unless otherwise expressly set forth in the agreement.

Property settlement agreements are important instruments for most marriages, because many Americans have joint marital property, joint marital debts, and mingled income streams. Property settlement agreements must be drafted with extreme care—they are binding legal documents that will determine one’s rights, obligations, and responsibilities to the other spouse for years beyond dissolution of the marriage.