When two married people decide to part ways, but they are not yet considering a divorce, a separation agreement is a solution to determine certain aspects of their lives concerning each other legally.
A marital separation agreement is a legally binding document used to divide marital property, settle custodial issues, and other aspects influenced by this change in their marital status.
Often, a separation agreement is drafted before the actual divorce, while in other cases, couples decide to take this step and not eliminate the chance of reconciliation later. It is important to know that separation and divorce are not synonyms, but they should be treated carefully since they are legally binding.
While the reasons why a couple might decide to separate can be highly personal or influenced by external factors like finances, debts, etc., the following situations apply to most cases:
The benefits a separation agreement has, compared to a divorce, include a lower cost, less time to spend on it, flexibility, and the fact that it’s not a decisive decision. A separation agreement helps both parties feel safe regarding their assets, debts, or parental issues, but it can be canceled if they decide to get back together or divorce.
If you are interested in what kind of decisions can be legally settled through a separation agreement, here is a list of the most common items included in such a document:
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