Protecting properties and assets are not only imposed for business but also when it comes with marriage to end, it is essential as well. When separation is agreed between you and your spouse, the ownership towards assets and possession that once are joined due to the marriage will be returned to the individual rights. Since some properties might be acquired during the marriage when the ownership is still in join, the separation agreement will help to divide them to the individual proprietorship. In separation, several matters must be settled to handle such as properties, assets, child custody and debts. Separation may be not recognized in some regions, therefore not all residents imposed the regulation of this matter and this agreement is unnecessary.
Basics of Separation Agreement
This agreement also point out to some alternate names such as Marital Separation Agreement, Marital Settlement Agreement or Legal Separation Agreement. Basically, the purpose of the agreement is to provide protection towards proprietorship during the separation. Legal separation is dissimilar to divorce. Separation means you are still legally married but no longer live together. The marriage is still admitted. If you want to go ahead by ending the marriage, you must go to next step by divorcing in which the marriage is legally terminated and the admission is void. In separation, usually individual ownership toward possession and assets are returned.
Why This Document is Important?
Many people consider creating this document when they decide separation because when the decision is legalized, you both agree to divide asset and property ownership. One step before marriage termination is separation and having this document is advisable before official divorce. You consider a legal separation and setting property precondition. You are planning to get attorney and would like to be ready to divide the properties. This agreement will protect your possession during the separation and the marriage is truly terminated by legal admission. After the divorce is officially decided, the properties as what divided based on the agreement are fully possessed and there is no joint responsibility toward what in charge.
Points to Enclose in Separation Agreement
• Retain the ownership and usage of marital home
• Responsibility toward any matters related to marital home including expenses during the legal separation and when it leads to marriage termination or divorce
• The division of assets that acquired during marriage
• Spousal support or alimony
• The continuation of spousal benefits as well as the payer
• Child support and child custody
Legal separation usually is taken when a marriage couple still not sure to consider divorce, however most cases lead to marriage termination. Therefore, the separation agreement is very essential to create. If you want to learn clauses which normally written in separation agreement document, you can download one sample below. It is for your reference only. Consult to your lawyer to have a legal and more suitable one.
Separation Agreement Template (77.5 KiB, 979 hits)