A Separation Agreement is the main document that results from a resolution reached in the collaborative process. Additionally, a Consent Order for Child Custody and Child Support and/or a Qualified Domestic Relations Order (used to divide and distribute retirement funds held in certain qualified retirement accounts) may also result from the collaborative divorce process.
A Separation Agreement is a legally binding contract between two spouses who are living separately and apart or who plan to separate immediately after executing the Separation Agreement. The purpose of a Separation Agreement is to address and fully resolve all of the existing marital legal issues prior to divorce. A Separation Agreement disentangles your joint finances, distributes your property, assets, and debts, and defines your legal obligations post-separation.
What can be included in a Separation Agreement?
A Separation Agreement may address the following issues: Property Settlement, Spousal Support/Alimony (or waiver of the same), Child Support, and Child Custody. Property Settlement, or the division of the marital estate, details and distributes all of the assets and debts acquired during the marriage, which can include:
- the former marital residence and/or other real property,
- vehicles,
- marital debt (mortgage(s), credit cards, loans, etc.),
- bank accounts,
- stocks and bonds,
- retirement accounts,
- household goods and personal property, and
- business interests and/or ownership.
When dividing the marital estate, there is a general presumption that it is equitable to equally divide all assets and debts acquired over the course of the marriage. A Separation Agreement can also detail what tax filing status you and your spouse will claim after separation, who is responsible for tax liabilities or refunds (or how they will be divided), and which parent claims dependent children on taxes. Additionally, a Free Trader Agreement is typically included, which allows you to buy or sell real property titled in your sole name without requiring your spouse’s signature or consent. Separation Agreements also typically include a waiver of your right to inherit from your spouse or contest his or her will, and a waiver of any obligation to pay the other party’s uninsured medical bills or other “necessaries,” among other things.
Lindsey Dasher is a Fort Mill, South Carolina native who chose to return to this area after law school in order to help the people she has known since childhood. Initially, she chose to practice family law because she knew she wanted to help families in conflict. After years of litigating highly contentious family court cases, she realized that the best way to resolve conflict is not by creating more conflict.