What is a separation agreement? (A.K.A. property settlement agreement)
A separation agreement is a contract that is entered upon either prior to or upon filing for divorce. This agreement will settle disputes with regard to property, alimony and custody as outlined by the agreement. Such an agreement can be modified or changed per court order, unless otherwise stated within the actual agreement.
What can be expected to be included in a separation agreement?
- How much, how often, and how child support will be provided when applicable
- Set a visitation schedule for minor dependants when applicable
- How much alimony is to be paid and if it will be paid
- Who is responsible for debt incurred jointly
- Who is to obtain marital residence
- Who will receive the tax deduction for dependent minors, excluding states and countries that set forth obligatory laws
- If a joint tax deduction is expected, who will receive how much of the deduction
- If a home is owned, who will receive the tax deduction will be determined
Why should one enter into a separation agreement?
It is important to enter into a separation agreement, because it outlines the reasons for ending your relationship, as well as how things will proceed with regard to the divorce. This makes divorce proceedings much simpler as the parties have already come to an agreement with regard to children, finances, and property. This saves headaches and costs.
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