When couples decide to separate, it can be a difficult and emotional time. If they have shared property or financial obligations, drafting a separation agreement is probably on the top of their list of things to do. Separation agreements are legal documents that set out the rights and responsibilities of each party in regards to their relationship and any assets or debts they may have. But what should you know before drafting a separation agreement? Let’s take a look.
Separation agreements can be incredibly useful for couples going through a divorce. A separation agreement is a legally binding document that helps both parties understand what their obligations and responsibilities are during the separation period. It also outlines how any property or debts will be divided, as well as who will be responsible for alimony payments, if any. But before you draft a separation agreement, there are some key points that you should consider.
Understand the Difference Between Separation Agreements and Divorce Proceedings
It’s important to understand the difference between separation agreements and divorce proceedings. A separation agreement is an agreement between two parties that sets out their rights and responsibilities in regards to their relationship, assets, and debts. It doesn’t end the marriage; it just sets out how certain matters will be handled after the couple has separated. Divorce proceedings are far more complicated than separation agreements; they involve filing paperwork with the court and potentially having a judge make decisions about who gets what in terms of assets or custody of children.
Know What Can Be Included In Your Separation Agreement
Separation agreements can include almost anything related to your relationship, including child support payments, alimony payments, division of property or assets, division of debt, visitation rights for children, and so on. The only things that cannot be included in your agreement are anything related to criminal law (such as restraining orders) or anything that violates public policy (such as clauses that would allow either party to commit perjury). If you’re not sure whether something could be included in your agreement or not, it’s best to speak with an experienced family lawyer before proceeding.
Make Sure You Both Understand The Document Before Signing
Before signing any legal document—especially one as important as a separation agreement—it’s essential that both parties understand exactly what they are agreeing to. Make sure both parties have read through the document carefully and make sure all questions have been answered fully before signing off on it. It’s also important to keep copies of all documents for future reference; this will come in handy if there is ever any dispute over the terms outlined in the document later down the line.
Drafting a separation agreement can be a daunting task for couples who are separating after being together for many years. However, by understanding what can be included in such an agreement and making sure both parties fully understand it before signing off on it, you will ensure that everything is taken care of properly when you separate from your partner. By following these tips you can rest assured knowing that your rights will remain protected throughout your separation process.