property settlement

property settlement
An agreement between husband and wife settling property rights in anticipation of the breaking up of the marital union: (1) determining the rights of the parties in jointly owned property and stating the disposition to be made of it; (2) settling all claims of each spouse in the property of the other and claims of each spouse to title to property held in the name of the other, (3) mutually releasing all past and present claims except as established by the agreement: (4) waiving and releasing all future rights as spouse in the property of each other; (5) surrendering the right of each on the death of the other, including rights of inheritance, homestead, dower, and the right to administer the estate of the other and to have exemptions and allowances from the estate; and (6) agreeing that each will execute all documents necessary or desirable to carry out the purposes of the agreement. Anno: 35 ALR2d 712, § 2: 24 Am J2d Div & S § 883.

Ballentine's law dictionary. . 1998.

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