If you are thinking about separating from your spouse, it is a good idea to learn about separation agreements. Separation agreements are a good way to keep things clear between you and your former partner. Most separation agreements detail information about child support, spousal support, division of assets, and parenting time. In this article, we will be outlining key information about what separation agreements are, why you should make one, and what they can entail. Follow along below to learn more.
The What and Why of a Separation Agreement
1. What’s a Separation Agreement? What Does it Entail?
A separation agreement is a legal document between two people that details how they are to proceed after separation. A separation agreement needs to be signed by both individuals in front of at least one witness. Once the agreement has been signed, it is legally binding.
Within your separation agreement, there can be clauses about nearly all parts of the parties’ former relationship. For instance:
- Parenting Agreements
- Child Support
- Spousal Support
- Division of Assets
- Division of Property
- Family Home
- Tax Planning
- Division of Debt
- Life Insurance Policies
- Pet Ownership
2. Why Should I Get One?
Making a separation agreement is a great way to avoid going to court. This is because drafting a separation agreement promotes individuals to settle their issues outside of the courtroom. Going this route is usually cheaper and faster. In addition to this, since separation agreements are legally binding, the terms can be enforced at any time. So, if one of the parties involved does not comply with what’s outlined in the document, the other party can go to court to enforce the terms. Finally, with a separation agreement, there is little confusion about how to proceed after a couple parts ways.
Contact us About Separation Agreements in Kelowna
For more information about getting separation agreements in Kelowna, contact us today. We’d be happy to help you gain a better understanding of how a separation agreement works in British Columbia. For additional support and resources, check out our Facebook and YouTube. We look forward to assisting you in the mediation process soon.
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