When a relationship comes to an end, it is important to have a separation agreement in place. This document will outline the key terms of the separation, including how assets will be divided, custody arrangements for any children, and support payments. By having a separation agreement in place, it can help to prevent future disagreements and provide a roadmap for moving forward.
A few key elements should be included in a separation agreement. Here are some of them.
1. Spousal Support
Spousal support is one of the most important aspects of a separation agreement. It is a financial arrangement between spouses that provides financial support to the less financially well-off spouse during or after a divorce.
Spousal support is not always required in a separation agreement but is often a vital part. If one spouse is unable to support themselves financially, spousal support can be an essential part of ensuring that both spouses can live comfortable lives post-divorce.
The higher-earning spouse typically pays spousal support to the lower-earning spouse, but this is not always the case. The amount of spousal support is generally based on the difference in the spouses’ incomes. Still, other factors such as the length of the marriage, the standard of living during the wedding, and the age and health of the spouses can also be taken into account.
Spousal support is typically paid every month, but it can also be paid in lump sums or as a percentage of the higher-earning spouse’s income. Spousal support can be paid for a set period or be open-ended.
2. Child Support
Child support is a payment made by one parent to the other to help with the costs of raising their child.
There are many factors to consider when determining child support, such as the parent’s income, the number of children, and the custody arrangement. In some cases, child support may be ordered by the court.
Child support is a vital part of a separation agreement, as it helps to ensure that the child’s needs are met. It is important to remember that child support is not meant to be a punishment for the non-custodial parent but rather a way to ensure that the child’s needs are taken care of.
3. Parenting or Guardianship Contact
When parents separate, it is vital to establish a parenting or guardianship contact schedule as part of the separation agreement. This schedule should include when the children will spend time with each parent, how holidays will be divided, and how communication will be handled between the parents.
Parenting or guardianship contact schedules can help prevent conflict between the parents and provide stability for the children. By having a schedule, the children know when they will be with each parent and can plan accordingly. This can help reduce stress for the children and make the transition between households easier.
4. Debt and Property Division
Debt and property division is a must-have part of any separation agreement. Without a clear understanding of who will be responsible for what debts and how property will be divided, couples can find themselves in a financial mess after divorce.
Debt division can be tricky, especially if one spouse has a lot of debt. It is important to sit down and look at all the debts and assets of the couple before making any decisions.
Property division can also be a difficult issue. Who gets the house? The car? The furniture? Again, it is essential to look at the couple’s assets and debts and make a fair decision for both parties.
Making a clear debt and property division agreement is a must-have part of any separation agreement. Without it, couples can find themselves in a financial mess after divorce.
It is important to consider various key elements when drafting a separation agreement. With careful planning and consideration of these critical elements, couples can create a separation agreement that will provide clarity and peace of mind during this difficult time.
If you need support on separation agreements in Langley, our legal experts at Dreyer Davison Lawyers LLP can help you. From child support to property division, we can guide you through these challenging times. Give us a call today to book a consultation.