Things you need to know about separation agreement

As much as separation brings an emotional downfall for a couple, it also brings several legal complications. Numerous negative emotions often create a communication gap and impact the understanding & decision-making abilities of a person. Thus, every family lawyer always recommends creating a separation agreement when a couple goes through the separation.

What is a separation agreement?
Things to know about separation agreement

Before moving forward, let’s get the basics right. What does a separation agreement mean? A separation agreement is a contract that legally binds the couple when they get separated.

A separation agreement is a solution to the majority of problems that usually arise when a couple gets separated. This contract clarifies and sets all the rights and duties of both parties.

Some of the major things incorporated in the separation agreement are child custody, debt repayment, child support amount and conditions, maintenance payments, clauses about the breach of agreement, etc.

Not drafting the separation agreement might give birth to several issues which can make the lives of both complicated at a later stage. Thus, Jane Mukongolo, an experienced divorce lawyer in Toronto highly recommends drafting a separation agreement while separating.

Why is a separation agreement important?

As mentioned, a separation agreement is a solution to major problems that arise during separation.

Traditional court litigation is always more expensive and time-consuming. And with the COVID-19 protocols in place, expect the process to eat more time than usual.

With an increased time, expect the cost to rise unpredictably. Thus, you won’t hold major control over your costs. While negotiating outside the court by using a separation agreement might not only give the resolution to your case a pace but also save your costs.

With a separation agreement, you hold a fair amount of control over your costs which is a major benefit of the same.

A separation agreement is a clear legal document that is signed by the couple giving validation to certain rights of each other. Hence, with this agreement, no chances of any contradictions arise at the future stage. This will eliminate any possibilities of complications as both parties will have agreed to and signed the separation agreement.

A separation agreement means mental peace for both parties. It guarantees that there is no communication gap between both parties at any stage of the separation process.

What are things you must include in the separation agreement?

Now, when you know the importance of a separation agreement, check out the things that you must include in your separation agreement.

  1. Child custody, support information & clauses
  2. Division of property & assets
  3. Information & clauses about medical benefits
  4. Debt repayment clarity and clauses
  5. Clarity about the financial & business assets
  6. Provision for divorce
  7. Clauses for breach of agreement
  8. Any other provisions and clauses regarding your property, finances, or life that you feel might give birth to complications at any stage of your life.

Requirements to draft a separation agreement

Check out certain requirements and important terms & conditions of the separation agreement below.

  1. The separation agreement must be drafted in writing. Both the parties must sign it in the presence of a few witnesses.
  2. The correct date of the agreement must accompany the separation agreement. All important information about your finances and business must be incorporated in the separation agreement.
  3. The separation agreement can be considered null and void if it is found that the party failed to disclose any important information about the assets.
  4. The court can also give stay orders on the separation agreement if it is found that the agreement is being enforced on one of the parties.
  5. The separation agreement will be considered null and void if it is found that any requirement like the date of the agreement, or the sign of any one of the parties is absent.

We hope that you now have a clear idea about the separation agreement. To ensure that the court doesn’t consider your separation agreement as unduly influence by one party, taking legal advice is always recommended.

Getting legal assistance will pave the way for a smooth separation process for both parties involved. If you are looking for legal assistance, Jane Mukongolo, one of the best family law lawyers in Toronto might help you out. Connect with us at (647) 660-9832 to get legal assistance from someone reliable and experienced.