What is a property settlement agreement in New Jersey?

A property settlement agreement (PSA) is a legally binding contract between divorcing spouses that resolves all financial issues including division of assets and debts, alimony, and if applicable, child custody and support.

What does equitable distribution mean in New Jersey?

Equitable distribution means the court divides marital property fairly, though not necessarily equally. Courts consider factors like the length of the marriage, each spouse's economic circumstances, and contributions to the marriage.

Is a property settlement agreement final in New Jersey?

Once incorporated into a final judgment of divorce, a PSA is legally binding. Child custody and support provisions may later be modified upon a showing of changed circumstances, but property division is generally final.

Property Settlement Agreement Attorney NJ

A Property Settlement Agreement is also known as a Marital Settlement Agreement or a Legal Separation Agreement and it is a special kind of contract that resolves all of the issues surrounding the parties’ marriage. Property Settlement Agreements resolve much more than just the division of the parties’ property because this contract sets forth all the rights and obligations of each party regarding their children and their finances.

The Property Settlement Agreement can be prepared and signed by the parties either before the filing of the divorce complaint or after. If the Property Settlement Agreement is signed prior to the filing of the divorce complaint, the parties can save a significant amount of money on attorney’s fees because it will not be necessary to go through the gauntlet of the discovery phase of the divorce, motion practice, early settlement panels and, of course, trial. Once the Property Settlement Agreement is signed, the parties’ counsel can advise the court that the case is settled and schedule the matter for an uncontested hearing.

Property Settlement Agreements are comprehensive contracts that resolve all of the issues between the parties. As such, they are contracts that significantly affect the rest of the parties’ lives and the lives of their children. Therefore, these special kinds of contracts must be negotiated carefully, intelligently and correctly.

The Issues Resolved in Property Settlement Agreements

Sale of Marital Home
Equitable Distribution of Assets
Equitable Distribution of Debts
Alimony or the Permanent Waiver of Alimony
Child Custody
Child Support
Parenting Time or Visitation
Health Insurance
Division of Pension Plan Benefits
Life Insurance
Tax Issues
College Tuition and associated expenses
Emancipation of Children
Procedure to resolve future disputes

It is necessary and important to have a clear and full understanding of the client’s marital property and all of the issues affecting the parties and their children prior to drafting the Property Settlement Agreement because it establishes each party’s rights and responsibilities. I individually work with my client, as well as forensic accountants, career rehabilitation experts, and psychologists, to make certain that all of the issues affecting my client in his or her divorce are correctly addressed.