What is a property settlement agreement?

A property settlement agreement is a legal document that outlines the terms of a couple’s agreement to divide their marital property during a divorce in South Carolina. The document is usually developed and agreed upon by both spouses and filed with the court to ensure that the terms are binding. The agreement typically outlines the terms for the division of assets such as real estate, investments, bank accounts, furnishings, and other marital property. Additionally, the parties may agree on the amount of alimony, if any, that will be paid to the spouse in need of financial support and the timeline for payments. The primary purpose of a property settlement agreement is to ensure that the division of marital assets is fair and equitable for both parties involved. In determining property division, the court takes into account a variety of factors including the length of the marriage, the incomes of both parties, and any premarital assets. In addition, South Carolina courts consider any contributions made by either party towards the acquisition or maintenance of any marital asset. Once the court approves the agreement, it become legally binding and both parties must follow through with the outlined terms.

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