What is a property settlement agreement?

A property settlement agreement is a legally binding contract between two separating or divorcing parties that outlines how they will divide their marital property and debts. In Texas, this agreement, also referred to as a “divorce agreement,” is a document that is negotiated between spouses and is typically filed with the court as part of a divorce proceeding. Property settlement agreements are required to be made in good faith and approved by a family court judge for it to be legally valid. Generally, agreements include a division of all assets and debts that were acquired during the marriage, spousal support payments (if applicable), and any other matters pertaining to the dissolution of the marriage, such as child custody and visitation rights. Property settlement agreements are important in Texas family law because they eliminate the need for a court to make the decisions for the couple, thus avoiding a lengthy and costly trial process. Furthermore, by signing a legally binding contract, the couple is more likely to abide by the terms of the agreement. Additionally, it provides a sense of security that neither party is able to change the terms of the agreement without the permission of the other party.

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