Property Settlement Agreements

Family Law Associates of Richmond is experienced in drafting and reviewing Property Settlement Agreements. One of the main components of a no-fault divorce is a Property Settlement Agreement, which is a by-product of a negotiated settlement. A property settlement agreement resolves issues of division of assets including real estate, bank accounts, retirement accounts, vehicles and various other tangible and intangible properties. An agreement may also contain a resolution as to child custody, visitation and support as well as spousal support.

If only one party has an attorney, an agreement may be drafted by that attorney and presented to the other party for approval and endorsement. In the alternative, if both parties are represented by counsel, the agreement may be drafted and negotiated between the attorneys.

In mediated cases, the Property Settlement Agreement is prepared by the mediator and is referred to as a Memorandum of Understanding. However, parties to a mediated case should have an attorney review the Memorandum of Understanding prior to signing it.

In most cases, the execution of a Property Settlement Agreement relieves the parties of the necessity of a court appearance.