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In the video, attorney James discusses the implications of signing an unfair divorce settlement. He emphasizes the importance of whether the agreement has been signed as a court order, as this greatly affects enforceability. Divorce agreements may include various elements such as asset division, custody, visitation, and child support. If a signed agreement is deemed a contract, it is enforceable by the court. However, in domestic cases, courts also consider equitable factors. If individuals have second thoughts about a signed agreement, they must first determine its status in relation to the court to explore options for modification or withdrawal.