A separation agreement is a contract between a husband and wife, or a same-sex partner, which is often put together when they separate from each other. The separation agreement seeks to resolve such matters as property division, debts, custody, and child/spousal support.
The separation agreement is not required by law, but it is strongly recommended when there are debts, children, support claims and/or property involved in the separation and the parties want to settle these matters in writing. The separation agreement can greatly simplify the legal process of a separation or divorce.
With division of property, for instance, the separation agreement can set out how real property (i.e., land and buildings), tangible personal property (e.g., cars, jewelry, and furniture), and intangible personal property (e.g., bank accounts, stocks and bonds, vested pensions and life insurance) are divided amongst the parties. Once the separation agreement is executed, it is binding (enforceable by law).
Separation agreements include the following topics:
Custody and Access (if the parties have children)
Child Support (if the parties have children)
Spousal Support (monthly amount, lump sum, waiver)
Equalization of Net Family Property
Once a separation agreement is executed (agreed to and signed by both parties), the parties may go about carrying out the terms of the agreement through such activities as transferring the home, repaying the debts, and returning any personal property.
Our office can assist you in forming such agreements pursuant to the relevant law.