The Property Settlement Agreement After Divorce is utilized when divorced couples need to formalize the division of their marital estate. This document becomes necessary after a divorce decree is issued and is particularly crucial in the United States where property division laws vary by state. It provides detailed arrangements for asset division, including real estate, vehicles, personal property, financial accounts, retirement benefits, and debt allocation. The agreement helps prevent future disputes by clearly documenting each party's rights and obligations regarding marital property division, and may be required by courts before finalizing a divorce.
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1. Parties: Identification of both former spouses, including full legal names and current addresses
2. Background: Details of marriage, divorce decree, and purpose of agreement
3. Definitions: Key terms used throughout the agreement
4. Real Property Division: Distribution of all real estate owned during marriage
5. Personal Property Division: Distribution of vehicles, furniture, household items, etc.
6. Financial Accounts: Division of bank accounts, investments, and retirement accounts
7. Debt Allocation: Assignment of responsibility for marital debts
8. Tax Provisions: Agreement on tax liabilities and future filings
1. Business Interests: Division of business assets and interests when either party owns a business
2. Intellectual Property: Division of patents, copyrights, or other IP when such property exists
3. Pets: Custody and care arrangements for pets when couple owns pets
4. Future Dispute Resolution: Procedures for resolving future disagreements through mediation or arbitration
1. Schedule A - Real Property Inventory: Detailed list of all real estate properties and their disposition
2. Schedule B - Personal Property Inventory: Itemized list of personal property distribution
3. Schedule C - Financial Accounts: List of all financial accounts and their division
4. Schedule D - Debt Schedule: Comprehensive list of debts and allocation
5. Appendix 1 - Property Valuations: Professional appraisals or agreed valuations
6. Appendix 2 - QDRO Forms: Qualified Domestic Relations Order forms for retirement accounts
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