A separation agreement formally defines the division of assets and debts between a married couple. It addresses many key issues like which spouse will remain in the family home, how spousal support will be paid and more.
Having a separation agreement can save time in court and prevent a costly divorce battle. This is because it will help the couple resolve some issues privately.
Creating a Separation Agreement
Creating a separation agreement can help spouses determine their best options for the future. It allows them to work out the details of custody and parenting time, and can make a divorce proceeding less messy.
When preparing a separation agreement, couples should list all the assets they own and gather documentation like deeds and title documents. They should also decide how these assets, including personal property such as vehicles and jewelry, will be divided up. They should also consider any debts, like mortgages and credit card bills, that will need to be settled.
A couple may include a “choice of law” provision in their separation agreement, which will dictate under what state’s laws their agreement will be interpreted. This is beneficial for couples who have history, residence or assets in multiple states. They can choose the law that makes the most sense for them. A couple can also agree to have their separation agreement enforced by civil or family court.
Separation Agreements in New York
A separation agreement is a legally enforceable arrangement that is often pursued by couples before they begin divorce proceedings. It addresses spousal support, child custody rights and conditions, property distribution and other significant issues.
Since New York is an at-will employment state, your employer has the right to terminate your position if they choose. However, in many instances employers will offer a separation agreement if they are downsizing the organization or laying off employees.
If you are offered a separation agreement, consider whether your employer’s actions might be a form of discrimination and if there may be grounds for a lawsuit. An experienced New York City employment lawyer could help you determine the best course of legal action.
A separation agreement should clearly address the official date of termination and severance pay. It should also include any reference letters that your employer agrees to provide and whether they will continue to pay for health or other insurance benefits. It should also specify whether your company will return any of your property.
Drafting a Separation Agreement
A separation agreement is an official legal contract that formally splits assets and liabilities, determines custody and visitation and establishes spousal support. As such, there’s a lot at stake in getting it right.
Steps to prepare a separation agreement include gathering the necessary documentation, creating the draft of the agreement, and reviewing it for accuracy. It is recommended that couples seek a legal professional to review the agreement, especially in situations where the couple has significant assets or debts.
The final step is signing the separation agreement in front of a notary. Most lawyers have notaries on staff, and many banks, UPS stores and the like have notaries available as well. Once signed, the parties have an official separation agreement that will be binding in court. If the separation agreement includes a choice-of-law provision, the court will likely follow that language. However, the court may still choose to modify any child-related terms in the agreement if it believes they are not in the children’s best interests.
Having a Separation Agreement
A separation agreement can be helpful if you decide that your marriage isn’t working and want to live apart, but aren’t ready to get a divorce. It can set out how any assets and responsibilities should be split up, who will stay in the marital home (and who is responsible for paying the mortgage), schedules for child custody and visitation, and other key issues.
It can also make the process of getting a divorce easier. Some couples choose to incorporate their separation agreement into the final divorce judgment, which can make it more difficult for either spouse to try to cite unreasonable behavior during the divorce trial as a reason to change the terms of the agreement.
Finally, a separation agreement can save you and your partner money. Typically, it is less expensive than hiring lawyers to go through a divorce trial. It can even cost less than mediation, depending on the complexity of your case and how much time you need to settle it.
