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It is customary, but not legally required, that they be notarized.
A Virginia marital settlement agreement is used by spouses entering the divorce process to communicate to the court how they'd like to divide property, assets, debt, child custody, child support payments, alimony, and all other shared responsibilities.
A marital separation agreement, also known as a property settlement agreement, is a written contract dividing your property, spelling out your rights, and settling problems such as alimony and custody.
Settlement agreements are common in divorce and marital disputes, property disputes, personal injury cases, and employment disputes. These agreements not only keep disputes out of court, but they also save parties from having to pay expensive legal fees for continued litigation and trial.
A property settlement agreement lays out each party's assets and liabilities post-divorce. A property settlement agreement becomes a legally binding part of the final judgment when your marriage is officially dissolved. As a legal document, the property settlement agreement will be used as a contract.