The Property Settlement Agreement In New Jersey—What It Is And How It Works
To finalize your NJ Divorce, you must have a Property Settlement Agreement.
Also known as a Marriage Settlement Agreement (MSA) or “divorce agreement,” the Property Settlement Agreement (PSA) is a document usually between 20 and 50 pages long that articulates all of the issues that have been defined and resolved in mediation. This is the most important document to come out of mediation. It memorializes all of your decisions and sets forth all of the terms of your divorce.
Even though it’s called a Property Settlement Agreement, this agreement covers much more than the division of property or equitable distribution of property—it’s also about child custody, parenting time, division of assets (including personal property, real estate such as the marital home, retirement assets and pensions, and businesses), alimony, and any other additional issues that must be determined in furtherance of divorce or dissolution of marriage.
Relevant issues that are not discussed in your PSA are neither governed by the court nor are they protected—it’s as if there is no agreement in place at all for these issues. It’s critical that all issues of import are addressed in writing.