It is a legally binding document that provides details of how you and your marital partner are going to divide the finances and the family responsibilities when the relationship is terminated. The legal separation agreement allocates the marital property, assets, debts, and support for a spouse. It also defines how parental responsibilities are going to be shared, and children are going to be supported.
Is It Same As Divorce Agreement?
Couples often separate before or during the divorce proceedings. In marital separation, you and your partner want to live separately but are still married under the law. Once you are separated, you can proceed to divorce, remain separated or reconcile. Legal separation and applicable waiting periods are pre-requisites for filing the divorce. It can be used as evidence.
Divorce is the legal order after final judgement to dissolve the marriage has been taken. Divorce is final, and you and your partner are no longer married, and the responsibilities are terminated.
The need for Such Agreement
It allows you to have a say on how your rights and responsibilities will be shared rather than governed by the court. With it, you can document the terms of the separation rather than relying on the verbal agreements. It provides the details of the separation of the marital finances and family responsibilities amongst the parties.
Circumstances and Time of Execution
If you have decided to live separately from your partner before getting divorced, then you can go for it. There is no need to file a marital separation agreement with the court if you want to be effective. Once the marital separation agreement has been executed, it is a legally binding contract. It may be considered in the final divorce judgement.
Duration of Applicability
A legal separation agreement may govern you for many years, so need to be very careful. It is possible to modify or amend the legal separation agreement with the consent of both parties. The courts can also change the provisions of the legal separation agreement, and they most likely do it keeping the interest of children in mind.
Such an agreement should be drafted in good faith, and you should consider the guidelines that are used by the courts. The division of assets should be equitable and not necessarily equal. You can easily download the marriage separation agreement template and use it to separate peacefully.