What is a Property Settlement Agreement?
A Property Settlement Agreement is a written contract between the parties that sets forth their rights, duties and obligations that arise out of their separation and divorce may include such things as the division of their property, spousal support, attorney’s fees, custody of their children, and child support. Such agreements are encouraged since they may amicably settle the rights of the husband and wife in the estate and property of the other.
A property settlement agreement is a written contract between the parties listing and dividing the martial property and financial obligations. It may also be used in settling custody, child support and alimony in accordance with the free wishes of the parties. Although a property settlement agreement is encouraged, it will be subject to the judge’s approval. Also a recent Oregon Supreme Court case has cast doubt as to whether all provisions of a Marital Agreement are enforceable so make sure you review this with your attorney and don’t do it yourself.
