Benefits of a Separation Agreement

July 29, 2019

Separated, now what?

Have you and your spouse recently split up and now you are thinking about the next steps? In this post we discuss what a separation agreement is, the benefits of a separation agreement and the benefits of having a lawyer prepare the agreement.

A separation agreement is an agreement between two people who were married or living together that have now decided to go their separate ways. Separation agreements often cover the following areas:

• Finances, pension, RRSPs and financial disclosure

• Spousal support (if applicable)

• Custody and parental access of any children involved

• Division of assets

• Living arrangements

• Future dispute resolution clause

Separation agreements are customized to the parties and many areas may be covered in the agreement. Separation agreements are beneficial as it provides you a peace of mind that everything was done legally, and important issues have been properly settled. It is important so everybody knows their roles and responsibilities moving forward.

Even though separation agreements can be made at-home, having a lawyer draft the agreement can be extremely important and beneficial. Having a lawyer draft the agreement can ensure that the document was created properly and follows the governing rules and regulations. When creating the agreements at home, you run the risk of having the agreement not hold up in court because it was not prepared properly to begin with.

Having a separation agreement can also save you money in the long run on court costs and legal services, as it can detail your most personal issues outside of court, avoiding the risk of leaving these decisions up to strangers and being caught in a long legal battle. You can have the agreement filed with the court, and it will turn into a court order, allowing both parties security to ensure that everyone is complying with the terms that were mutually agreed upon.

A separation agreement can be one of the most important documents that you create and sign as it may follow you for many years to come. Ensure that it is done properly and that it holds up against the test of time.

If you have any questions or would like to speak to a lawyer about getting a separation agreement, please contact us today!

written and submitted by Brianna Wheeler