A separation agreement is a binding legal document that outlines the terms of a separation, regardless of whether you were married or living together in a common-law relationship, and whether or not you have children. It addresses critical areas such as:
Child custody and support
Determining living arrangements and financial responsibilities
Division of property and finances
Splitting assets, debts, and determining spousal support if necessary.
By putting verbal agreements into writing, a separation agreement removes uncertainty and reduces the likelihood of future disputes. A separation agreement must be drafted to reflect both the current and future needs of the parties involved.
Creating a Separation Agreement and When You Should Contact a Lawyer:
You should contact a lawyer as soon as you are considering entering into or drafting a separation agreement, especially if you own property, or have children. You should also contact a lawyer if you have recently separated from your spouse to discuss whether a separation agreement might be right for your situation.
It may be beneficial for you and your partner to collaboratively discuss terms of initial agreement together. Then, if you cannot agree or are not sure about certain issues, your lawyer can help you resolve those issues in a manner which is agreeable to both parties. Your lawyer can also help you to determine whether you have addressed all of the necessary and relevant issues, including things that you might not think of at first, like implications to a family business, or how to deal with spousal support if you and your spouse have significantly different incomes. Drafting and negotiating a separation agreement is often more cost-effective than proceeding with your matter to Court. Court cases are time-consuming and costly, and often bring about increased conflict between parties. Choosing a separation agreement, drafted by an experienced lawyer, can provide you with a clearer, less stressful way forward.
Why Involve a Lawyer?
In order for your separation agreement to be legally binding and enforceable, you and your former partner will each require independent legal advice (also called “ILA”) from your own respective lawyers. Lawyers can help with the finer details and catch any issues you might miss, saving you from potential legal headaches later and ensuring you are aware of your rights and obligations.
A thoughtfully drafted separation agreement has a significant impact on your future, influencing everything from your living arrangements to the care of your children. It is essential to take the time to fully understand the terms of your agreement and seek legal advice to ensure the agreement is thorough, legally enforceable, and reflects your and your partners’ wishes. Reach out to one of our family lawyers today and take the first step toward creating a comprehensive separation agreement – we are here to help you, every step of the way.