A separation agreement refers to a written agreement between two spouses who are about to separate or have separated. It is a written document in which separating couples define how the responsibilities can be divided between them. Also, based on this document, they can define how their joint assets. A separation agreement may be used instead of divorce proceedings by either married or unmarried couples. In this article, Paralegal Toronto provides you with some critical considerations that you should consider before writing a separation agreement.
- Here are several rights that the agreement generally establishes for each spouse:
- Who will live in the family home?
- How will the property be divided?
- Who will pay the family debts?
- Who will make spousal and child support payments?
- Who will have custody of children?
- What kinds of visitation rights each party will have?
A separation agreement is not required under the law to establish a legal separation. A separation can be legal as soon as two spouses are living separately with or with no agreement. It can also be legal when at least one spouse does not intend to move back in together. However, a separation agreement can help resolve most of the separation issues and make the separation process easier. When you intend to separate, it is highly recommended to reach an agreement and formalize it as a separation agreement. Separation agreements are often made before or after a formal divorce, although reaching an agreement shortly after spouses’ separate is necessary. It helps the spouses to get on with their lives after separation.
Writing A Separation Agreement Helps Protect Yourself And Your Children!
You should ensure that you can protect your and your children’s financial future when going through divorce, separation, or child custody. You should consider an investment plan and a life insurance policy as two essential parts of your separation agreement. It can help with your mortgage payments, living expenses, and your children’s education. Keep in mind that both spouses must be completely open and honest about their financial situations, which is needed to create a legally binding separation agreement. Also, both spouses must provide detailed disclosure of their significant assets and liabilities. Here are some considerations before writing a separation agreement:
- The agreement must be in writing.
- The agreement must be signed by people who are in the presence of a witness.
- The separation agreement between two spouses must be entered into voluntarily
- Both spouses must understand the agreement completely.
- Both parties should receive independent legal advice.
- Some critical aspects of the separation agreement may eventually be subjected to judicial review.
- In certain cases, where children’s rights are involved, the agreement’s terms may be overridden.
Who Should Prepare A Separation Agreement?
Most of the separation agreements are prepared and negotiated by lawyers or paralegals in Toronto. However, it is possible to prepare your separation agreement. Try to get the advice and legal help you need by a paralegal if you are about to separate. It helps you ensure that your interests are protected.