Separating from your partner can be extremely stressful. You are moving out and starting your life afresh. When you are separating from a partner with whom you have been for a long time, there are a lot of things that you need to take care of. If there are assets, debts and children involved, the separation needs to be handled with more sensitivity. Having an agreement in place can help to reduce stress significantly. Reach out to a Separation Agreement Lawyer to assist you through the process. They will explain the process to you and help to ensure that the clauses included are fair to both parties. However, many separating couples don’t consider the agreement to be important. We are here to tell you why you should consider getting one.
Why should you get a separation agreement?
Drawing up a separation agreement helps finalize the terms of separating from your partner. When you don’t have an agreement in place, it can prevent one of the partners to come back. They can claim that they deserve more support payments than what they are getting. The amount can be significant and it can go back for many years. When you have to equalize or settle property, there is a time limit that you need to stick to. If it isn’t carried out within the timeline, you won’t have an agreement. Without an agreement, you wouldn’t know what your obligations and rights are. This can make the separation more stressful. Issues might arise which wouldn’t get resolved easily.
What is a separation agreement?
It is an agreement that married couples or common-law couples reach when separating. The agreement includes the rights and obligations of both the partners after separation. It is an enforceable contract. It must be in writing, signed by the partners and the witnesses. The agreement should be fair and well understood by both partners.
What are the clauses that you can include?
The main aim of the separation agreement is to make things easier and less stressful. The couples who have children can include child and spousal support in the agreement. It will determine how much amount will be paid and for how long. It will also include clauses about parental decision making and where the children will be staying.
Clauses concerning assets and debts should also be included. The agreement can include how the property will be divided like selling the house, who will live in it, how the proceeds of the sale would be divided. Other significant assets like pensions, investments, stock and stock options division and transfer will also be included. If either of the partners has debts, it can prevent the debt from being equalized. The provisions can consist of how the debt will be paid and who will be responsible for it. Having a separation agreement can help to make things easier.