What is Separation Agreement

What is separation agreement?

A separation agreement is a legally binding contract that records a settlement of the issues that arise when a married or unmarried relationship ends. This contract sets out each party’s rights on issues such as: child custody/access and other detailed parenting plan, division of assets and liabilities and child/spousal support.

Separation agreements can be an effective and inexpensive way of settling things. However, the terms of the agreement must be fair, and the parties must be able to get along reasonably well

Separation agreements can deal with almost any issue a couple have to address, from the care of children to the division of property and liabilities, , to how the mortgage will be paid, to how the children’s post-secondary education costs will be handled and who will keep the pets . They also offer a lot more flexibility than court orders. Specifically,  separation agreements can be tailored to meet the specific needs and situations of each couple.

The agreement must be signed by each party, and should be signed in the presence of a witness.

It is almost always preferable to negotiate and settle a dispute cooperatively outside the court than to begin a court proceeding and resolve a conflict by trial.