A separation and property settlement agreement is a contract between husband and wife in which they can resolve matters such as property division, debts, custody, child support, and spousal support when they are separating from each other. A separation and property settlement agreement can be an agreement resolving all issues that arose from the marriage; This kind of contract is invalid unless signed by both parties and the document is notarized. It is very important to seek legal advice before separating from your spouse to protect your interests. If you are presented with any form of agreement to sign, you should consult your attorney right away, for it is important that you do not overlook any important rights you might be waiving. If it is discussed between you and your spouse to separate and an agreement has been reached regarding division of properties and addressing other issues, the agreement should be prepared by an attorney.