Document background
The Divorce Decree Property Settlement Agreement is a crucial legal document used in Canadian divorce proceedings when separating spouses need to formalize the division of their marital assets and obligations. This agreement is essential when parties have accumulated property, financial assets, or shared debts during their marriage that require formal division. It must comply with both the federal Divorce Act and provincial family law legislation, which can vary by province/territory. The document typically follows a property settlement negotiation process and may be required before a divorce can be finalized by the court. It covers all aspects of property division, including real estate, personal property, financial assets, retirement accounts, business interests, and debt allocation, while also addressing matters such as spousal support and tax implications. The agreement serves as a binding contract between the parties and can be enforced by courts across Canada.
