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What is a property settlement?

"Property settlement" is the term people use to describe the parties’ agreed-to division and distribution of the property and possessions that they obtained during a marriage. This often includes the following, but is not limited to bank account, debts, the marital home, real estate, pensions, stock options, businesses, copyrights, trademarks, autos, boats, vacation homes/timeshare, jewelry, antiques, art, washer, dryer, refrigerator, stereo, furniture, and other substantial property that was acquired during the marriage.