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Simple English definitions for legal terms
property settlement
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A quick definition of property settlement:
Property settlement is a legal decision made during a divorce that decides how the property and debts of the couple will be divided. This includes everything they own together, like their house, cars, and bank accounts, as well as any debts they owe. It can be decided by a judge or agreed upon by the couple in a contract that becomes part of the divorce decree. It is also sometimes called a property division or a marital agreement.
A more thorough explanation:
A property settlement is a legal agreement that determines how the assets and debts of a married couple will be divided in the event of a divorce. This can be done through a court judgment or a contract that is incorporated into a divorce decree.
For example, if a couple owns a house, cars, and bank accounts, a property settlement will determine who gets what. If one spouse takes the house, the other may receive a larger share of the bank accounts or other assets to balance out the division.
It is important to note that a property settlement can also include the division of debts, such as credit card balances or mortgage payments. This ensures that both parties are responsible for their fair share of any financial obligations.