A separation agreement is an official contract that outlines certain terms that two people who have lived together and are ending their relationship may agree upon. It can be used for married or unmarried couples. It can include any stipulations regarding property, alimony, child custody and parenting arrangements that the couple would like to see outlined in a legal document. It can also indicate whether the parties are planning to divorce, reconcile or continue their marriage.
It must be drafted as clearly as possible in order for it to be upheld. Vague provisions can lead to confusion and disagreements down the road. This can end up in court proceedings and litigation, which is not what either party wants.
The first section of the document must clearly state the relationship background. This includes the names of both partners, how long they have been together and any children from that relationship or outside of it. It must also indicate a start and end separation date.
Spousal support is another key element of the agreement. The parties must assess their incomes and decide on a reasonable amount of spousal support, which is typically paid from one partner to the other until they are able to establish themselves financially on their own. This should also address any debts that are in joint names and the division of those debts between both partners, including whether they are to be repaid in full or in instalments with interest. separation agreements