What is a property settlement agreement?

A property settlement agreement is a legal document that outlines the terms and conditions of an agreement between two or more parties related to the division of marital assets. This document is typically used in a divorce or legal separation proceeding in West Virginia to determine the division of assets owned by the couple or family, such as real estate, vehicles, bank accounts, investments, and other financial assets. It details who will receive what assets and how the property will be divided, as well as the arrangements for spousal and/or child support. The document also includes any relevant information about debts owed by either party, such as credit card debt or student loans. The agreement must be signed by both parties in order to be legally binding in West Virginia. Although the parties may enter into the agreement voluntarily, the court may also order a property settlement agreement if it deems it necessary to clarify the terms and conditions of the agreements.

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