No matter the state of the relationship between former spouses, the making of a separation agreement carries significance. This type of document is an invaluable option if you and your partner have decided to separate from one another, and this is the case despite how well the relationship has carried on. Firstly, you may be wondering exactly what a separation agreement entails. A negotiation process takes place between the parties, and the aim is to settle every right and obligation that is relevant to a common-law partnership or marriage. These agreements offer as much certainty, finality, and closure as possible to former spouses.
Here are further details on the importance of a separation agreement:
When no agreement is in place
As the parties move forward, a sense of structure can be achieved by entering into a separation agreement. However, the “post-separation” period might be met with added issues if this kind of agreement or resolution through the courts is bypassed. In their absence, what’s known as “limitation periods” will run out of time, meaning that claims to items like an equalization payment or division of property might expire. A vulnerable party can be taken advantage of in these cases, even if neither of the parties intends for this to occur.
Navigating the conflict with children
When children are also at the centre of the separation, different conflicts have the potential to arise in the absence of such an agreement. It’s possible that the question of how to manage the expenses brought by post-secondary education is a crucial one to consider for you and your partner. Additionally, separation agreements can help to outline important issues, such as custody arrangements, parenting time, child support, and other financial matters.
Separation agreements are also a great way to resolve issues such as spousal support, family property, debts, and other matters that are relevant to an individual couple.
By speaking with a spousal support lawyer or child support lawyer at Melekhovets Law, you’ll gain a clear understanding of your rights and obligations within a separation agreement. Browse our website and contact us today for more information on how we can help you better plan for the future.