North Carolina Property Contract

PROPERTY SETTLEMENT AGREEMENT

This Agreement, entered into this of , , by and between , Petitioner, hereinafter referred to as Wife, and , Respondent, hereinafter referred to as Husband.

WITNESSETH;

WHEREAS,

1. Petitioner resides at , , .

2. Respondent resides at , , .

3. Petitioner and Respondent were married on and the marriage is registered in , .

4. The parties separated on or about .

5. The Petitioner is not now pregnant.

6. There have been no children born of this marriage.

7. There is pending in the District Court of County, North Carolina, Complaint for Absolute Divorce.

NOW THEREFORE, in consideration of the mutual covenants, promises, and agreements herein contained, it is mutually agreed by and between the Parties as follows:

1. SEPARATION OF THE PARTIES:

Husband and Wife may and shall hereafter live separate and apart from each other. Each shall be free from interference, authority and control, direct or indirect, by the other as fully as if he or she were single and unmarried. Each may, for his or her separate use and benefit, conduct, carry on, and engage in any business, profession or employment which to him or her may seem advisable.

2. EXTENT OF AGREEMENT:

The Parties mutually agree that in the pending action for Divorce that all of the rights and liabilities of each of them, with respect to any property settlement, property transfers, allowances, orders, judgments, suit monies, maintenance, support payments, debts of any type, legal fees and costs, shall be completely controlled and exclusively determined by the Parties in accordance with the terms and provisions of this agreement between the Parties hereunto. By execution of this Agreement, each of the Parties hereunto bind themselves, their heirs, successors and personal representatives and assigns, and each of the Parties further agree for themselves, their heirs, personal representatives and assigns, to execute any necessary documents or instruments to carry out the purposes and intent of this Agreement.

3. HOUSEHOLD, PERSONAL GOODS AND OTHER PROPERTY:

Husband is to keep all of the personal goods and household property he has in his possession; Wife is to keep all of the personal goods and household property she has in her possession. In all respects the Husband and Wife have divided, to their mutual satisfaction, all household and personal goods; said division has included property either acquired before, during the marriage, or during any period of separation, and it will remain the sole property of the Party in whose possession it presently is, free of any right, title or interest of the other.

Husband shall be entitled to the following additional property:

A.

B.

C.

Wife shall be entitled to the following additional property:

A.

B.

C.

4. MAINTENANCE:

Each Party expressly waives periodic maintenance, and understands that said waiver of maintenance is non-modifiable. Each party understands that neither party may go back to any court in the future and request spousal maintenance.

5. PENSION AND RETIREMENT BENEFITS:

It is agreed by the Parties that each party shall waive whatever right he/she may have in the other party's pension or retirement benefits.

6. DEBTS:

Husband will pay the following debts:

1.

2. Any debt incurred by husband in his own name

3.

Wife will pay the following debts:

1. Any debt incurred by wife in her own name.

2.

3.

Each party shall be responsible for any debt that party incurred after the separation of the parties. Both Parties agree that any future credit card obligation or other debt not specifically listed in this agreement shall be the sole and separate responsibility of the Party that incurred said obligation and that Party agrees to assume and pay said obligation and hold harmless the Party that did not incur said debt. Neither Party shall incur any debt in the future for which the other Party might be held liable, and each agree to cooperate fully with the other in canceling any joint credit card accounts.

7. VEHICLES: Check as appropriate:

There are no vehicles of the parties.

Husband shall receive the , VIN# , and the debt thereon, as his sole and separate property, free of any right, title or interest in Wife. Husband shall assume any indebtedness owed on the aforementioned vehicles and indemnify and hold Wife harmless thereon. The Wife shall execute any and all titles, affidavits or documents necessary to reflect the Husband's ownership of said vehicle.

Wife shall receive the VIN# as her sole and separate property, free of any right, title or interest in Husband. Wife shall assume any indebtedness owed on the aforementioned vehicle and indemnify and hold Husband harmless thereon. The Husband shall execute any and all titles, affidavits or documents necessary to reflect the Wife's ownership of said vehicle.

8. REAL ESTATE:

The parties do not own marital real estate. The parties own real estate located in County, North Carolina. This property shall be the property of and shall be responsible for all debts and utilities thereon.

9. BANKING AND FINANCIAL ACCOUNTS:

The Parties herein state that they no longer hold any banking or financial accounts jointly. Any accounts that were previously held jointly by the Parties have been divided and distributed to the mutual satisfaction of the Parties. Each Party shall be the sole owner of any account on which his/her name appears individually, free of any right, title or interest in the other Party.

10. PRESENTATION TO COURT:

This Agreement shall be presented to a Court of competent jurisdiction in the pending action between the Parties seeking a Divorce with the request that it be adjudicated and found to be not unconscionable, and that it be adopted by said Court as a part of the Order of said Court of the final Decree entered in the said proceedings.

11. LAW APPLICABLE:

The provisions of this Agreement shall be construed and enforced in accordance with the applicable laws of the State of North Carolina.

12. INDEMNIFICATION:

Husband shall indemnify the Wife, including attorney's fees incurred by her for all expenses of the Wife for the failure of the Husband to carry out any of the terms of this Agreement, and the Wife shall indemnify the Husband, including attorney’s fees incurred by him, for the failure of the Wife to carry out any of the terms of this Agreement.

13. FULL UNDERSTANDING:

Each Party fully understands all of the terms of this Agreement, and the terms represent and constitute the entire understanding between them. Each Party has read this Agreement and finds it to be in accordance with his or her understanding, and instructions, and each voluntarily executes this Agreement and affixes his or her signature in the presence of the witnesses indicated below. The Parties hereto each individually covenant and agree that this Agreement has not been entered into by way of collusion, fraud or duress.

14. PERFORMANCE OF NECESSARY ACTS:

Each Party shall execute all such papers as may be necessary to enable the other Party to deal with his or her property and to carry out the purposes and intent of this Agreement, and in the event either Party shall refuse or fail to execute such documents or transfer this Agreement, shall operate as his or her consent and shall be utilized in lieu of said transfer documents. Each Party shall, at any time from time to time hereinafter, take any and all steps to execute, acknowledge and deliver to the other any and all instruments and assurances that the other Party may reasonably require or find convenient, expedient or business like for the purpose of giving full force and effect to the provisions of this Agreement.

15. INVESTIGATION AND DISCLOSURE:

The Parties hereby agree that they have made full disclosure to the other, as to the full extent of their property.

16. SEVERABILITY OF PROVISIONS:

In the event that any of the provisions of this Agreement are unenforceable when incorporated as part of the Court's judgment, it shall be considered severable and enforceable by an action based on contractual obligations, and shall not invalidate the remainder of this Agreement as incorporated in the Decree.

17. MODIFICATION AND APPROVAL:

The terms of this Agreement shall not be subject to Modification or change, regardless of the relative circumstances of the Parties, and the Parties recognize this agreement is subject to review and approval of the District Court of County.

18. BREACH OF THIS CONTRACT:

Breach of this contract by either Party shall not restore any rights to the other Party in any property but the Parties shall look solely to this contract for relief.

19. ATTORNEY FEES/COURT COSTS:

The parties agree that Husband Wife shall pay attorney fees and court costs incurred in this cause of action.

20. RELEASE OF RIGHTS:

The Parties hereunto hereby release and relinquish all right, title and interest in and to any and all property, real, personal, or mixed, now or hereinafter acquired by the other Party, including any property set aside to each in accordance with the terms and conditions of this Agreement, included but not limited to claims of dower, inheritance, descent, distribution, statutory, or common law rights arising out of the marriage relationship between the Parties, and said Parties shall be forever barred from all rights in and to the estate of the other except as herein provided.

STATE OF NORTH CAROLINA

COUNTY OF

I, a Notary Public, do hereby certify that personally appeared before me this day and acknowledged the due execution of the foregoing instrument. Witness my hand and (where an official seal is required by law) official seal.

This the day of , 20.

(Official seal.)

Notary Public

My Commission Expires:

STATE OF NORTH CAROLINA

COUNTY OF

I, a Notary Public, do hereby certify that personally appeared before me this day and acknowledged the due execution of the foregoing instrument. Witness my hand and (where an official seal is required by law) official seal.

This the day of , 20.

(Official seal.)

Notary Public

My Commission Expires: