A separation agreement is a document that details the terms of separation for an unmarried or de facto couple. Married people that wish to separate but remain married can use a separation agreement to end their union. A couple that does not meet the minimum divorce requirements can also draft a separation agreement before they can apply for divorce.
Read the excerpt below to learn more about separation agreements.
Elements of a Separation Agreement
Binding Financial Agreements (BFAs) are a type of pre-nuptial agreement that couples set up before they marry. While nobody wants to plan for the worst at this stage, this kind of agreement is a good idea for some couples.
When might you want to set up a BFA?
1. You've Already Got Children
Some couples set up BFAs when they enter into a second marriage. They often use this agreement to protect the inheritance of their children from the previous marriage or an earlier relationship.
Do you wish to divorce your spouse? An out-of-court settlement gives you the freedom to divide property and raise your kids according to your wishes. The excerpt below discusses the various considerations you should make when preparing a divorce settlement agreement.
Consider Previous Contracts
Previous agreements such as prenuptial and postnuptial agreements will significantly impact your divorce settlement agreement. For instance, if you had promised to leave the family home to your spouse in case of divorce, you cannot claim the property when preparing the settlement agreement.