A separation agreement is a beneficial alternative to a divorce as it sets out financial arrangements and how they will be managed when you are separated from your partner.
Separation Agreement – How it Works
A separation agreement is a form of commitment between both parties on how to take care of all finances whilst separated. So what financial arrangements are covered in the separation agreement? Arrangements such as who pays the mortgage, rent or even household bills may be covered although this may be dependent on who is continuing to live in the family home. It is also worth setting out an agreement should the family home be sold and that way each party will know exactly what they are entitled to from the sale in order to avoid unnecessary conflict. As well as a family home, a family car or even furniture may have been bought jointly during the marriage and therefore the separation agreement should also cover this in order to set how these will be divided out or if indeed they need to be sold. During your marriage you may have built up debt or even have a joint loan or overdraft so this could also be included in a separation agreement. The agreement is ultimately about ensuring both parties are completely agreed on how financial arrangements should be sorted out when sadly the marriage has come to an end. As well as financial arrangements, separation agreements may also take into consideration children in terms of maintenance money which will need paid to support any child or children as well as childcare arrangements such as determining where the children should live and parental access rights for the other parent. A separation agreement will set out exactly what is and is not fully agreed and will be recorded for all
Separation Agreement – Let Us Help
If you are considering setting up a separation agreement but would like some further advice then please contact us today on (insert number) and let our highly qualified team help. An agreement like this is an ideal solution to have all the financial arrangements agreed and in place during a separation. This is also an extremely useful step to take should divorce go through as it can be presented to the court which could save time and money on having to go through it all again.
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