Legal Separation Agreements
Need Help with Your Separation Agreement? We Can Help
A separation agreement is a legal document (contract) setting out what a separated couple wants to happen to their finances before their divorce or dissolution.
Not all separated couples are ready to divorce, but they may want to regulate their financial arrangements. This way, they are both provided with certainty on what will happen regarding their finances at that point and if they divorce.
What Does a Separation Agreement Cover?
A separation agreement covers what happens to a couple’s finances when they are separated and if they divorce.
The agreement usually states that after a specific period of time – assuming that the couple is still separated – one of them will issue divorce proceedings and they will obtain a financial order within the divorce reflecting the terms of the separation agreement.
The agreement can deal with all of the financial assets and liabilities that the couple has, such as:
- Properties
- Shares in companies
- Pensions
- Savings
- Debts
It can also cover what happens to the assets now and what happens to them in the future. For example, who continues to live in the family home, if it should be marketed for sale at a specific date in the future, and what should happen to the proceeds of the sale of the house.
In addition to this, separation agreements can also state the child arrangements if the couple separate, and if one spouse needs to pay child maintenance to the other.
Why Have a Separation Agreement?
Having a separation agreement can provide a couple with financial certainty if they have separated but have not yet decided to get divorced or dissolve their civil partnership.
The agreement can also provide certainty for married couples and civil partners who cannot divorce or dissolve their civil partnership.
In England and Wales, couples who have been married for less than one year are not able to go through the divorce process or dissolution proceedings for their civil partnership.
Is a Separation Agreement Legally Enforceable?
A separation agreement is not automatically legally binding.
The agreement reached between the couple regarding the financial aspects of their separation will not be legally binding until it is made a court order within divorce proceedings.
However, if the agreement was made after both of the couple provided full financial disclosure, if both their financial situations are not too dissimilar from the time when the agreement was made, if the agreement is fair and reasonable and meets both their needs, and if both of the couple received independent legal advice about the agreement before it was signed, it is likely to be taken seriously by the court.
Using a Mediator and Seeking Legal Advice
When a couple separates it can be difficult for them to have discussions regarding financial matters.
If a couple cannot agree on what should happen to certain assets, a mediator can help them with these discussions and reach an agreement. It is important to note that mediators cannot give legal advice, therefore, it is important to instruct a family law solicitor before starting mediation.
This way you are aware of the financial settlement that you are likely to achieve if you divorce, which should help you agree to a fair and reasonable settlement with your spouse.
Once a financial agreement has been reached one of the couple’s solicitors will draft a separation agreement detailing the agreement in a formal process. Once both spouses are happy with the agreement it should be signed by them both in the presence of a witness.
Get in Touch with Our Expert Lawyers in Separation Agreements
If you’re unsure where to begin with your divorce proceedings, we can help. Our experts have years of experience in separation agreements so no matter what your situation is, our team is here to help.
To speak with one of our lawyers, call us on 0333 202 6433 or email us at hello@mcalisterfamilylaw.co.uk.
