Taking a decision to separate from your partner is a huge step. Being in agreement with your spouse about the terms of the separation can be put into a separation agreement. A separation agreement is a written contract that contains the details of the separation. This agreement can be carried out by common-law partners and married couples. It is essential to note that a separation agreement is different from a divorce. The lawyers at mlawgroup.ca will help you understand the difference between the two. They will assist you through the process of the separation agreement. Here is all that you need to know about it.
What is a separation agreement?
A separation agreement outlines what the rights and obligations will be of the married couple or common-law couple after they separate. These rights and obligations which have been decided upon are put into writing in the agreement. As it is an enforceable contract, both the partners must have clarity about what they are signing. For it to be valid, the agreement should be in writing, signed by both the partners and the signatures with the witnesses. The agreement must be understood and agreed upon by both parties to be fair. There needs to be a complete and honest exchange of financial information. Before you sign the separation agreement, you must have a lawyer review it. This will help you to know what the agreement contains.
What should be a part of the separation agreement?
The lawyer will guide you with what can be included in the separation agreement. There are some things that you should consider. If you have children, the agreement can include the details of where the children will live, decision making about parenting, parenting time and child support. Spousal support is another aspect that can be included. If spousal support is being paid, the agreement should outline how much is to be paid and for how long. You should also include if you are waiving the spousal support.
When a couple is separating, there are often assets that need to be divided. You can include the division of property in the agreement. If you are planning to sell the family home, you can put a clause about when will it be sold, who will live in the house and how will the proceeds of the sales be divided. Provisions can be laid down for the division of other assets like pensions and investments. The agreement should include both assets and debts. In the case of debt, you can include a clause about how the debt will be paid and who will be repaying it.
How can a lawyer help you?
The separation agreement includes clauses that have been agreed upon by both partners. The lawyer can assist you in drawing up the agreement. The lawyer will also go through the already prepared agreement to ensure fairness. Having a lawyer can help to make the process easier.