Wednesday, August 10, 2011

Separation agreements

What is a separation agreement and why is it necessary? A separation agreement is a contract signed by both parties who are married but do not wish to live with each other. In some states you must have lived apart from each other for a certain amount of time before a divorce can be granted in most cases it would be approximately 6 months.

Actually a separation agreement can be helpful in planning your divorce. It will cover such items as what party will be entitled to certain properties acquired in the marriage.

It also will determine what the parties debts will be paid such as credit card bills and car payments. It could also determine what party will retain custody of a minor child. It may also cover what rights are wavered on each other's estates. The separation agreement is similar to a divorce settlement. It can also be a helpful tool to stop harassment of either party.

Before you enter into an agreement in a separation contract make sure you understand all your legal rights. If you can work out all your disagreements with a separation agreement before the divorce you will come out ahead both financially and emotionally.

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