Certainly! Below is an example of a **Property Division Agreement** between two parties, Party A and Party B. This agreement addresses the division of assets, debts, and property following a divorce or separation, written in formal legal language.

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### **PROPERTY DIVISION AGREEMENT**

This **Property Division Agreement** (the “Agreement”) is made and entered into as of [Effective Date], by and between:

**Party A**: [Party A’s Full Name],
[Party A’s Address],
[City, State, ZIP Code],
[Phone Number],

and

**Party B**: [Party B’s Full Name],
[Party B’s Address],
[City, State, ZIP Code],
[Phone Number].

**RECITALS**

WHEREAS, Party A and Party B were married on [Date of Marriage] and are now in the process of dissolving their marriage or separating;

WHEREAS, the parties wish to settle all issues regarding the division of their property, assets, and liabilities in an amicable manner, without the need for further litigation or court intervention;

NOW, THEREFORE, in consideration of the mutual covenants, promises, and undertakings set forth herein, the parties agree as follows:

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### **1. DIVISION OF MARITAL PROPERTY**

1.1 **Marital Property Defined**: For the purposes of this Agreement, “marital property” is defined as all property, assets, and liabilities acquired by the parties during the marriage, regardless of title or whose name is on the property, except for any property specifically excluded herein as separate property.

1.2 **List of Marital Property**: The parties agree to the division of marital property as follows:

– **Real Property**:
a) **[Property Address]**: The parties agree that [Party A/Party B] shall retain sole ownership of the marital home at [Property Address], and shall be solely responsible for the mortgage and associated costs.
b) **[Other Property Description]**: The parties agree that [Party A/Party B] shall retain ownership of the property located at [Address/Description], and the other party will receive [specific terms, such as financial compensation or other property in exchange].

– **Vehicles**:
a) **[Car/Vehicle Make and Model]**: The parties agree that [Party A/Party B] shall retain ownership of the [make/model/year], and shall be solely responsible for any related liabilities.
b) **[Other Vehicle]**: [Party A/Party B] shall retain ownership of the [vehicle make/model/year] and shall be solely responsible for any related costs or debts.

– **Financial Accounts**:
a) **Bank Accounts**: The parties agree to divide the marital bank accounts as follows:
– [Account Name/Number] will be transferred to [Party A/Party B].
– [Account Name/Number] will be transferred to [Party A/Party B].
b) **Investment Accounts/Retirement Accounts**: The parties agree that the retirement or investment accounts will be divided as follows:
– [Account Name/Number] will be divided in accordance with a Qualified Domestic Relations Order (QDRO) or another mutually agreed method.

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### **2. DIVISION OF DEBTS**

2.1 **Marital Debts**: The parties acknowledge and agree that all debts incurred during the marriage are considered marital debts, and shall be divided as follows:

– **Mortgage**: The parties agree that [Party A/Party B] shall assume full responsibility for the mortgage on the marital home and shall indemnify and hold the other party harmless from any future liability associated with the mortgage.

– **Credit Card Debt**: The parties agree to divide the marital credit card debt as follows:
– [Credit Card Name/Account Number]: [Party A/Party B] shall be solely responsible for payment.
– [Credit Card Name/Account Number]: [Party A/Party B] shall be solely responsible for payment.

– **Other Debts**: Any other debts, including personal loans or liabilities, shall be divided as follows:
– [Debt Description]: [Party A/Party B] shall assume responsibility for payment.
– [Debt Description]: [Party A/Party B] shall assume responsibility for payment.

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### **3. SEPARATE PROPERTY**

3.1 **Separate Property**: The parties acknowledge that the following property is separate property and shall remain with the individual party to whom it belongs:

– **[Property Description]**: [Party A/Party B] shall retain ownership of this property, which was acquired before the marriage or through inheritance or gift during the marriage.
– **[Bank Account/Other Asset Description]**: [Party A/Party B] shall retain ownership of the [bank account, asset, etc.] that is separate property, as documented and agreed upon by both parties.

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### **4. SPOUSAL SUPPORT**

4.1 **Spousal Support**: The parties agree that [Party A/Party B] shall not be entitled to spousal support/alimony, and neither party will make any spousal support payments to the other party, unless otherwise stipulated in a separate spousal support agreement or ordered by the court.

4.2 **Modification of Spousal Support**: If any party’s financial circumstances change, the spousal support provision may be modified upon mutual agreement or by further court order.

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### **5. TAXATION AND TAX LIABILITY**

5.1 **Tax Filing Status**: The parties agree that, for the tax year in which this Agreement is executed, they will file their taxes as follows:
– [Party A/Party B] will be the party responsible for filing tax returns and paying taxes owed for the year of separation/divorce.

5.2 **Tax Liabilities**: Any tax liabilities incurred during the marriage shall be shared equally unless otherwise agreed to by the parties.

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### **6. MEDIATION AND DISPUTE RESOLUTION**

6.1 **Mediation**: In the event of any future disputes regarding the terms of this Agreement, the parties agree to attempt mediation before seeking judicial intervention. Any mediation shall be conducted in [Location], and the costs shall be shared equally by the parties.

6.2 **Court Intervention**: If the parties are unable to resolve any disputes through mediation, either party may seek relief from the Court.

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### **7. FINAL AGREEMENT AND EXECUTION**

7.1 **Full and Final Agreement**: This Agreement constitutes the entire understanding between the parties regarding the division of property and debts. Any prior or contemporaneous understandings, whether written or oral, are superseded by this Agreement.

7.2 **Execution**: The parties acknowledge that they have read, understood, and voluntarily entered into this Property Division Agreement. Both parties have had the opportunity to consult with legal counsel, and each party acknowledges that they have done so or have voluntarily waived the right to consult legal counsel.

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**IN WITNESS WHEREOF**, the parties hereto have executed this Property Division Agreement as of the date first written above.

**Party A**:
[Party A’s Name]
[Signature]
[Date]

**Party B**:
[Party B’s Name]
[Signature]
[Date]

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### **Explanation of Key Terms:**

1. **Marital Property Division**: This section clearly defines and divides assets and property acquired during the marriage, ensuring that both parties have clarity about what they are entitled to retain or be responsible for.
2. **Separate Property**: It is essential to differentiate between marital and separate property, particularly when inheritance or pre-marriage assets are involved.
3. **Debts**: By specifying responsibility for debts, this section minimizes confusion and ensures fair treatment.
4. **Spousal Support**: The spousal support clause sets out whether one party will receive financial support post-separation or divorce and any potential future modifications to this arrangement.

This **Property Division Agreement** serves to clearly document how assets, liabilities, and support obligations will be handled post-divorce or separation, ensuring that both parties are aware of their respective rights and obligations. The document can be tailored further based on the specific needs and assets of the parties involved.