Virginia Divorce Attorney Explains Property Settlement Agreements

A Property Settlement Agreement (PSA) is an agreement between both spouses determining the distribution of property such as vehicles, real estate, debts, division of joint financial accounts, investments, and medical expenses, obtained before and during the marriage.  The PSA drawn up by your Virginia divorce lawyer, may also outline custody agreements, spousal support and child support.  On issues of custody, the PSA will determine, among other things, visitation arrangements between both parties, how healthcare decisions are made, and how to handle the relocation of either spouse.

Even if both spouses are able to agree on the distribution of property, spousal support, child support and custody with the help of their Virginia divorce lawyer, the Judge must still approve the PSA in which both spouses have entered.  Some factors the Judge may consider before approving the PSA are whether it is in the best interest of the child; whether the agreement is fair to both spouses; whether one spouse was forced into the PSA; and, whether both spouses are of sound mind to have entered into the PSA.

When Virginia Uncontested Divorces are based on a six month separations, both parties must have a Property Settlement Agreement in place.  However, a Property Settlement Agreement is not required when filing an uncontested divorce based on a one year separation. Your Virginia divorce lawyer can provide more information.