Couples often choose separation to see if they can reconcile their differences or to reassess their marriage. Whatever the reason, a separation agreement is a useful tool for deciding how the partners will handle their finances and property when they are not living together. It can also make divorce proceedings easier if the agreement is used as a basis for the final court order.
It should specify that each partner made full disclosure of their assets and responsibilities. This will ensure that the final document is fair and not tainted by information that may have been concealed. It should indicate how joint assets like property, investments and retirement accounts will be divided. It should also state how any debts, including the mortgage, credit card bills and car payments will be handled.
The document should state how much spousal support will be paid and for how long. A clause could also be included that stipulates that the spousal support will be adjusted for inflation.
Depending on the jurisdiction, it is usually standard to include a clause that states that the partners will both be given a certain amount of time (for example, five days) to review and consider the separation agreement before signing. They will also have the opportunity to consult with legal counsel, if needed.
This sample separation agreement was prepared through the combined efforts of two attorneys. It is not a substitute for the advice of your own family law attorney. It should be reviewed by an attorney to ensure that the document is accurate and up-to-date. separation agreements