Divorce cases are lengthy ones, and therefore, it is not desirable for many people. Couples wanting to separate with financial resources and child custody find it challenging to deal with the long process of divorce. Therefore, for them, the separation agreement can provide the best solution without going through long trials.
A separation agreement is a document with various guidelines about the case and how the separation must work. However, some people are skeptical about the legality of such agreements and whether it is legally binding or not on couples. So, in this article, we will discuss whether a separation agreement holds legal validity or not. You can consult experienced lawyers from law firms such as the Harris firm to understand the legality of the separation agreement.
What is a Separation Agreement?
A separation agreement is a legally binding document that states terms and conditions agreed upon by a married couple who are on the verge of separating from each other. There are various aspects of separation, such as child custody, separation of assets and debts, spousal support and other relevant issues. There are detailed guidelines about the above elements which will ensure that there is no issue in future about the separation.
What are the Components of a Separation Agreement?
- Property Division: There will be a clear outline of the couple’s assets and debts, and they will be divided among each other equally. This includes the division of real estate, investments, bank accounts, vehicles, and other personal belongings.
- Child Support: The separation agreement clarifies the specific arrangements and financial responsibilities of their child. It includes guidelines about how the child should be supported financially, the amount to be paid, how it will be paid, and under what circumstances it will be paid.
- Child Custody and Visitations: The agreement will also specify who will take the child’s custody, how the visitations will be, decision-making authority, and provisions for the child’s well-being.
- Health Insurance: The separation agreement will also specify how the health insurance will be divided, its premium and its benefits.
- Spousal Support: This is one of the vital inclusions in a separation agreement where there is an agreed amount of alimony that is decided, and one spouse has to support the other one.
Are Separation Agreements Legally Binding?
If we talk about the technicalities of the separation agreement, then it is not legally binding in their rights. It is not a court order, and therefore, there is a weak claim on such contracts. However, it is essential to have written guidelines about the separation agreement so that there is no issue at the later stages. You can also consult an experienced lawyer who deals with divorce cases to prepare for the separation agreement.