What best describes a family settlement?

A family settlement is best described as a written agreement enforceable by family members. This type of agreement typically arises among family members to resolve disputes, particularly concerning inherited property or financial matters. The key elements of a family settlement include mutual consent among the parties involved and the intention to avoid future disputes by outlining the terms of the agreement in a clear and documented manner.

This written document serves as a formal contract and is often aimed at preventing litigation, ensuring that all family members have agreed on the distribution of assets or resolution of issues. The enforceability of such an agreement relies on the fact that family members have actively participated in its creation and acceptance, addressing their interests and rights in a comprehensive way.

While verbal agreements may exist within families, they typically lack the legal enforceability that a written agreement provides. Similarly, unilateral contracts only obligate one party and do not reflect the mutual consent characteristic of family settlements. Lastly, although financial settlements in divorce cases may involve family members, they are a distinct legal matter relating to marriage dissolution and not the broader concept of family settlements among relatives.