A separation agreement is often used by couples who have decided to separate but are not ready to get divorced just yet. While separation agreements are not legally required in Michigan, they can provide the couple clarity on many issues and ensure they transition into their new living arrangements smoothly. Below is a breakdown of what these agreements are, why they are important, and what they entail. For more information and to obtain skilled legal advice during your separation, reach out to an experienced Oakland County family lawyer today.
What is a Separation Agreement?
A separation agreement is a legally binding contract that outlines the terms and conditions that a married couple agrees to abide by while living apart from one another. This document is a written and formal agreement between a couple who has decided to live separate and apart but is not pursuing a divorce right away.
What Do Separation Agreements Entail?
Separation agreements are designed to cover a wide variety of issues. The new relationship status can call many things into question so outlining how the couple’s new lives will work is crucial. A separation agreement can include the following topics.
- Division of property: There will be a section outlining how property and assets will be divided between the two spouses. This can include the family home, vacation properties, bank accounts, retirement accounts, personal property, and more. The agreement should include an equitable distribution of these assets.
- Debt responsibilities: The agreement should also specify which spouse will be responsible for which debts. If the couple shares liabilities like a mortgage, personal loan, or credit card balances, it must be determined who is required to pay them off.
- Spousal support: Spousal support, or alimony, should also be included if it is needed. If one spouse makes a significant amount more than the other or one spouse is financially dependent on the other because they sacrificed their career or education for the family, alimony will likely be required. The terms should include how much will be paid and for how long.
- Child custody: If children are involved, there must be a section establishing which parent has primary custody, visitation schedules, holidays, and the legal rights of each parent to have physical custody and make decisions on behalf of the child.
- Child support: There should be information determining how much financial support the noncustodial parent will provide for the children and what costs they are required to contribute to.
One of the most important reasons couples should consider a separation agreement is to prevent conflicts and disputes. Untangling two lives from each other can be complex and without a clear outline and understanding of the expectations of each party, there are bound to be disagreements and issues. This is especially true when emotions are high or the relationship is volatile.
Reach out to an experienced family lawyer for more information regarding separation agreements and their uses.