Separation Agreements

If your marriage has ended, and you agree with your spouse over the financial aspects of your relationship, you can create a legally binding contract called a Separation Agreement to set out the terms of your separation. At McCarthy + Co, our family law team has extensive experience in drawing up Separation Agreements and advising our clients on the terms of the agreement.

Legally Binding Separation Agreements

If you and your partner concur on your separation terms and wish to bypass court proceedings, consider drafting a Separation Agreement. Establishing such an agreement without court intervention is typically more affordable and less stressful.

Should there be disagreements over the separation terms, a court application for a decree of judicial separation might be necessary. In this scenario, a court will determine the allocation of assets and duties, enabling couples to resolve financial matters faster than it takes with a decree of divorce.

Where possible, it is always preferable to avoid potentially costly litigation. If you are struggling to reach an agreement with your spouse, McCarthy + Co’s family law team can provide expert guidance over the terms of your separation, helping you to draw up an agreement without the need for court intervention.

Our team can help you assess and include the following in your agreement:

• Child Custody and Access – Determining whether one spouse will have exclusive custody or if both will share joint custody. If custody is sole, the agreement will detail the visiting rights of the non-custodial parent.
• Child Maintenance – When a child predominantly resides with one parent, outlining the support payments the other parent is obliged to provide, including specifics on amounts and schedules.
• Spousal Support – Clearly stating if either party will be entitled to spousal support after separation. If applicable, specifying the payment amount and frequency.
• Family Home Possession – Documenting what will happen to the family home. This might involve outlining the transfer of the home’s title to one spouse, selling the property and splitting the revenue, or continuing cohabitating post-separation.
• Asset Allocation – Cataloguing individual and shared assets. Specifying which assets each party will keep and which communal assets will be liquidated and the profits shared.
• Income Declaration – Documenting both parties’ sources of income, whether from employment or other avenues.
• Debt Responsibility – Enumerating the debts and deciding who will be accountable for each, covering obligations like credit card balances, car financing, and personal loans.
• Additional Provisions – Determining if parties will forgo claims on each other’s future assets or estates. Also, incorporating a non-interference clause, ensuring that neither spouse will disturb, intimidate, or inconvenience the other, be it at home, work, or any other venue.

Agreeing to the terms of your separation, so you can both move forward with your lives, may not always be plain sailing. If you are struggling to reach an agreement, and you want to avoid court proceedings, the McCarthy + Co team can assist you. Complete our quick consultation form today and a member of our family law department will get back to you.

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