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Sample Property Settlement Agreement

Sample Property Settlement Agreement

After a couple have decided to part ways, they both must go through the process of dividing up their marital assets. These include things like cars, furniture, property and debts such as mortgages, credit, etc. The form below offers an insight into what a property settlement agreement may look like. Make note, however, that this form only covers property matters and does not issues related to child, spousal support or custody debates.

Here’s a sample property settlement agreement:

 

INTRODUCTION
Identification of parties
This agreement is made between ____________________________, hereafter referred to as “Husband” and __________________________, hereafter referred to as “Wife”.
Date of marriage
The parties were married on _____________________, at ___________________, and ever since then have been and are husband and wife.
Date of separation
The date of separation of the parties was ________________________________.
Purpose of agreement
Since certain irreconcilable differences have developed between Husband and Wife, they have separated and have filed for divorce. The following agreement represents a resolution of the property issues between them without going to trial. This agreement shall serve as a final and complete settlement of all property rights and obligations between the parties.
Disclosures
Each party declares that they have made full disclosure of and income and assets.
Each party has entered into this agreement knowingly, intelligently, and voluntarily; and
Statement of counsel
Husband and Wife have been advised by their respective attorneys regarding their legal rights as related to this agreement.
Final disposition
This agreement represents a final disposition of the matters addressed herein. This agreement shall be incorporated into a final order of divorce.
Dispute
For any disputes that arise from non compliance with this agreement the prevailing party will be entitled to his or her reasonable costs and attorney’s fees.
Identification and confirmation of separate property
(1) Husband’s separate property
The following is/are the separate asset(s) of the Husband, to be taken by  him as his separate property. Wife disclaims and waives any and all rights and interest in these assets.
List Assets Here:_____________________
The following is/are the separate asset(s) of the Wife, to be taken by her as her separate property. Husband disclaims and waives any and all rights and interest in these assets.
(2) Wife’s separate property
List Assets Here:_____________________
Identification and division of marital property
(1) Husband’s marital property
Husband shall be awarded and assigned, the following assets and liabilities. Wife transfers to Husband as his separate property all of her rights and interest in each asset.
List Assets Here:_____________________
(2) Wife’s marital property
Wife shall be awarded and assigned, the following assets and liabilities. Husband transfers to Wife as her separate property all of his rights and interest in each asset.
List Assets Here:_____________________
Homestead
Husband/Wife will remain in the family home, located at _____________________, until the following event occurs (circle one):
(1) The youngest child of the parties turns eighteen years old,
(2) Graduates from high school, or
(3) Is legally emancipated.
The party residing in the home agrees to pay all expenses, upkeep and mortgage payments associated with the home
The parties agree that the current value of the equity in the homestead is $______
When a triggering even occurs the home will be sold and the equity will be divided between the parties in the following percentage split ________% to Husband; _______% to Wife.
If the resident of the homestead obtains a home equity loan during his or her residence, the party residing in the home agrees to pay interest on the nonresident party’s share at the rate of ___% which shall accrue from the date the final order of  divorce is entered until such time as payment is made.
Vehicles
The parties agree that each will retain the vehicles that are currently in their individual possession, including but not limited to the following:
The parties agree to execute the required documents to formally transfer title from the party who will not be in possession of the vehicle.
Retirement accounts
Husband and Wife to waive any claims to all retirement accounts individually held and maintained by the respective party. As such any retirement account will remain the separate property of the spouse whose name is listed as the account holder.
After acquired assets
All assets acquired by either party after the date of separation shall be treated as separate property. Each party  disclaims and waives any and all rights and interest in any of these assets.
Effective date
The effective date of this agreement shall be the date of its execution by both parties.
Signatures and dates
The foregoing is agreed to by:
DATE: _____________ __________________________________________ (Husband’s printed name & signature)
DATE: _____________ __________________________________________ (Wife’s printed name & signature)
Witnessed by:
__________________
(Witness or counsel signature)
__________________


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