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SEPARATION AGREEMENT
THIS SEPARATION AGREEMENT (the "Agreement") dated this _____ of ___________ , _____BETWEEN:
______________________of ______________________
OF THE FIRST PART
-and-
OF THE SECOND PART
BACKGROUND:
IN CONSIDERATION OF the mutual promises and covenants contained in this Agreement, and other valuable consideration, the receipt and sufficiency of which consideration is hereby acknowledged, the Parties agree as follows:
IN WITNESS WHEREOF the Parties have signed this agreement the day and year first above written.
SIGNED as a DEED by ______________________In the presence of:
Witness: ______________________ (Sign)
__________________________________
Witness Name: ______________________
______________________ (First Party)
Address: ___________________________
___________________________________
______________________ (Second Party)
A Separation Agreement is also known as:
A Separation Agreement is used to document the decisions made regarding the division of assets, debts, and responsibilities when a married couple are preparing to temporarily or permanently end their relationship.
You should consider using a Separation Agreement in the following situations:
A Separation Agreement may be submitted during divorce proceedings to provide an agreed upon settlement that can help to simplify the legal process.
A Separation Agreement can be used when a couple who wants to separate wishes to formally divide their responsibilities in regards to items such as:
Spousal maintenance payments: If one spouse is going to make support payments to the other.
Child custody and visitation schedules: Which parent any dependent children will primarily live with, and the expected schedule for visits with the other parent.
Child maintenance payments: If one spouse is going to provide financial support for any dependent children.
Health insurance coverage for children: Which parent (or both, if applicable) will be responsible for providing health and dental insurance for any dependent children.
Possession or sale of the matrimonial home: Whether or not one spouse will keep possession of the home which was occupied by both spouses at the time of the separation, or if the home will be sold and the money divided between both spouses.
Division of physical assets including items to be sold for cash: Each spouse can choose to have a list of specific items they will keep upon separating, and a combined list of items to be sold for cash which will be divided evenly between them.
Division of outstanding debts: Spouses must decide who will take responsibility for all existing debts including credit cards, loans, and lines of credit.
Using a Separation Agreement to document the division of your assets and debts, the custody and care of your dependent children, and the final status of your matrimonial home can help to protect your personal interests and reduce conflict during a difficult time.
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