Divorce court approved property settlements, also called marital settlement, is an agreement involving one spouse and one or more other parties regarding property division. It can be accomplished through a marital settlement, a court order, or by written agreement. Property settlements are generally used in the context of a divorce proceeding. Find out more useful information.
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Separation of property, or sometimes referred to as marital division of property, is an agreement involving a marriage that results in one or both partners dividing property. It can be accomplished by agreement, via a court order, or by a judicial decree. The property settlements vary greatly in nature from those that result from customary divorce to those that result from the separation of assets following a contentious divorce.
In most cases property settlements result in a partition of marital assets. In some cases, when one spouse has more assets than the other, the couple may choose to divide the assets according to their relative value, or what is known as an “over-all” division. In cases where marital debts are dividing, the property settlements will generally award one party the larger share of the debt in proportion to the value of the over-all division of assets. For instance, if one spouse is owed ten thousand dollars by the other and the debt is evenly divided between them, the spouse with the largest portion will receive ten thousand dollars while the lessor will receive seven thousand dollars.