Property Settlement Agreement

PROPERTY SETTLEMENT AGREEMENT

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This Property Settlement Agreement ("Agreement") is made and entered into on January 1st, 2050 by and between [Party A Full Name], residing at [Address], and [Party B Full Name], residing at [Address], collectively referred to as the "Parties".

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1. Background

The Parties were previously married and are currently undergoing divorce proceedings. As part of the divorce settlement, they wish to reach a mutual agreement regarding the division of their marital property, assets, and liabilities acquired during their marriage.

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2. Property Division

The Parties agree to divide their marital assets and liabilities as follows:

a. Real Property: The marital home located at [Address] shall be awarded to [Party A/Party B], subject to a refinancing of the mortgage in the awarded party's name and a buyout payment to the other party for $50,000. The Party awarded the marital home shall be responsible for all associated expenses, including but not limited to mortgage payments, property taxes, and maintenance costs.

b. Bank Accounts and Investments: The balances in any joint bank accounts and investment portfolios shall be divided equally between the Parties, and each Party shall retain individual ownership of any separate bank accounts and investments.

c. Retirement Accounts: The Parties agree to equally divide any retirement accounts accrued during the marriage, including but not limited to 401(k), IRA, and pension plans. The division shall be effectuated through a Qualified Domestic Relations Order (QDRO) or other appropriate means to ensure compliance with applicable laws and regulations.

d. Personal Property: The Parties have already mutually agreed upon the division of personal property, including household furniture, appliances, electronics, and other tangible assets. A separate inventory list detailing the division of personal property is attached to this Agreement as Exhibit A.

e. Vehicles: Each Party shall retain ownership of any vehicles titled in their names, and the Parties shall execute any necessary documents to transfer ownership of jointly titled vehicles to the appropriate Party. Any outstanding loans or liabilities associated with the vehicles shall be assumed by the Party retaining ownership.

f. Debts and Liabilities: Each Party shall be responsible for any debts and liabilities incurred in their names, including credit card debts, personal loans, and outstanding bills. Any joint debts and liabilities shall be divided equally between the Parties, and each Party agrees to indemnify and hold the other harmless from any claims or liabilities arising from joint obligations.

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3. Tax Implications

a. Responsibility: The Parties acknowledge and agree that the division of property under this Agreement may have tax consequences, including but not limited to capital gains taxes, transfer taxes, and income taxes.

b. Cooperation: Each Party shall be responsible for their respective tax liabilities arising from the property division. The Parties agree to cooperate and their tax advisors to minimize any adverse tax consequences and to provide each other with any information or documentation reasonably requested for tax purposes.

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4. Future Cooperation

a. Execution of Documents: The Parties agree to cooperate and execute any additional documents necessary to effectuate the terms of this Agreement, including but not limited to deeds, titles, account transfers, and beneficiary designations.

b. Information Sharing: The Parties further agree to provide each other with any information or documentation reasonably requested to facilitate the implementation of this Agreement, including financial statements, account records, and legal documents.

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5. Full and Final Settlement

a. Waiver of Claims: The Parties acknowledge that this Agreement represents a full and final settlement of all claims and rights to property arising out of their marital relationship, including any claims for equitable distribution, spousal support, or other financial relief.

b. No Further Claims: The Parties expressly waive any rights to seek further division of property or support, whether in court or through alternative dispute resolution methods and agree not to assert any claims against each other arising from their marital relationship.

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6. Governing Law and Jurisdiction

This Agreement shall be governed by and construed following the laws of [State/Country]. Any disputes arising out of or related to this Agreement shall be resolved exclusively through arbitration by the rules of the American Arbitration Association, and the Parties hereby submit to the jurisdiction of the arbitration tribunal for such purposes.

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7. Severability

If any provision of this Agreement is held to be invalid, illegal, or unenforceable by a court of competent jurisdiction, the remaining provisions of this Agreement shall remain in full force and effect to the fullest extent permitted by law.

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

[Your Name], Party A

[Date Signed]

[Your Name], Party B

[Date Signed]

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