What Do You Put in a Separation Agreement
When ending a relationship, whether it is in marriage or a domestic partnership, it is important to properly document the agreement between both parties. A separation agreement, also known as a marital or property settlement agreement, is a legal document that outlines all the terms and conditions of the separation, including property division, child support, and alimony. However, before creating a separation agreement, it is essential to seek the advice of a lawyer to ensure that all the necessary clauses are included and that the document complies with state laws.
Here are some of the most important things to include in a separation agreement:
1. Division of property: One of the most critical aspects of a separation agreement is the division of property. This includes the division of assets such as bank accounts, cars, real estate, and other valuable items owned by both parties. It is important to be thorough when outlining the division of marital property, and it is also crucial to include specific details such as who will get the family home or how retirement accounts will be divided.
2. Child custody and support: A separation agreement should properly document the child custody and support arrangements between the parties. This includes details such as who will have physical custody of the child, who will have legal custody, and the amount of child support that will be paid by the non-custodial parent.
3. Alimony: Alimony, also known as spousal support, is the financial support provided by one spouse to the other after a separation or divorce. A separation agreement should include the amount and duration of alimony payments.
4. Health insurance: Health insurance is another essential element of a separation agreement, especially if one spouse was previously covered under the other’s insurance policy. The agreement should outline the details of how the health insurance will be handled after the separation.
5. Debts and liabilities: Any outstanding debts or liabilities, including credit card balances and loans, should be properly documented in a separation agreement. It is important to establish who will be responsible for paying off these debts.
In conclusion, a separation agreement is a critical legal document that outlines the terms and conditions of a separation. It is essential to work with a lawyer to ensure that all the necessary clauses are included and that the document complies with state laws. By including important aspects such as the division of property, child custody and support, alimony, health insurance, and debts and liabilities, both parties can move forward with clarity and understanding.