Why should I have a separation agreement?
A separation agreement is a legally binding agreement filed by a married couple in a court of law that addresses the rights and responsibilities of both spouses while they are living apart and contemplating divorce. Issues covered in a separation agreement include division of assets and debts, child custody and support, visitation schedules, alimony and more. There are compelling reasons to have a separation agreement; keep reading for a few of them.
Helps you manage your life while you live apart. A separation agreement gives a couple a chance to live separately and think clearly about the future of the marriage. It establishes how everything will be managed while you see if you can work things out.
Retain benefits on your spouse’s coverage. Unlike getting divorced where all medical and insurance benefits are terminated, a separation agreement typically allows you to continue accessing your spouse’s benefits while you are living apart. This helps to protect your financial interests.
Allows for separate property. Assets and debts acquired during a marriage are usually shared by the partners. However, property acquired during a legal separation is considered separate property. This is very important to protect assets that are gained during a period of separation before a divorce is granted.
Determines access to joint accounts. Most couples have joint savings and credit accounts and often it is difficult for them to agree on who will maintain or have access to these accounts while they are separated. With a legal separation agreement, each person’s rights and responsibilities are outlined and protected.
In conclusion, regardless of whether you believe you and your spouse will be able to work things out in the long run, it is advisable to have a written separation agreement. You will want an experienced attorney like Jonathan Meek to write it for you so he can ensure that your rights and privileges are protected during this period.
Contact Meek Law Firm today to discuss the specifics of your legal separation. Call (704) 848-6335 or use the contact form on the right of this page to schedule a consultation appointment.