A separation agreement is a document that helps couples decide how they want to handle issues like assets, debts, spousal and/or child support when they are separated rather than married. The goal of the document is to clarify arrangements that would otherwise be left to the court during divorce proceedings. This article will discuss three common clauses and provisions found in a separation agreement:
First, the document sets out the relationship background, which includes the spouses’ names and identifies whether there are any children from the marriage or outside of it. This information is included to help the courts determine whether the terms of the agreement are fair to both parties.
Next, the separation agreement outlines all of the assets and debts that each spouse holds. This can include everything from personal property such as vehicles or furniture to the more substantial obligations that a married couple may share, such as mortgages and credit card debts. It’s important that both spouses disclose their financial income and responsibilities to ensure the final agreement is fair.
Finally, the document includes any agreed upon stipulations regarding custody and/or visitation time for any children involved in the marriage. It’s crucial to be specific with these details as a judge may not accept a custody arrangement that is not in the best interests of a child. It’s also important for each party to acknowledge that they freely entered into the agreement and did not feel pressure or duress. separation agreements