What is a "Separation Agreement"?

A Separation Agreement is a contract between separating spouses, whether married to each other or not. It is usually a document made up of many pages, signed by both parties, and generally speaking, Separation Agreements are meant to deal, on a final basis, with all issues arising out of a separation. Sometimes Separation Agreements become Court Orders and sometimes they do not. This depends on the legal context in which they are signed.

There are circumstances in which Interim (temporary) Separation Agreements are appropriate.

A Separation Agreement can be a complex document, depending on the circumstances of the parties and whether or not, for example, it deals with children's issues as well. In order to be properly binding and to have the desired consequences for the parties (a measure of finality, for example), the contract has to have some important attributes, including independent legal advice for each of the parties, as well as complete and frank financial disclosure.

"Home-cooked" Separation Agreements are always cheaper in the short-run but they can be very expensive in the long-run, especially when one of the parties discovers, at a later date, that the Agreement is either not enforceable or not giving them what they expected it would.

Spend your money wisely and with forethought.