Free Ebook Download:  How To Prevent Breakups

Navigation

SEPARATION AGREEMENTS AND THE DIVORCING COUPLE

By BreakUpAdviceOnline.com Staff

Are you going through a divorce? If you are, there are a lot of things that you should know about. Divorce is a complicated process. Going through a divorce is not such an easy matter. There are many things that you should know and understand about divorce and the proceedings that you and your spouse have to go through. One of the important things that you should know about includes separation agreements.

A separation agreement is a formal agreement between you and your spouse. It states the conditions for support and other financial matters to be undertaken until the divorce is final. Separation agreements should be have an accompanying document in the form of a court order. Without a court order, a separation agreement may not be legally binding. Having this prepared should be easy enough if you and your spouse can negotiate and agree on the terms.

If both you and your spouse have approved of the separation agreement being prepared, both of you probably would not have to appear in court. Your lawyer will only need to take the signed agreement to the judge who will then be signing it, thereby making it into a court order. Your separation agreement is something you and your spouse should try to negotiate and settle first on your own. Reaching a mutual agreement out of court will make speed up your divorce.

The more decisions made out and settled of court, the better off you are. Unfortunately, getting your divorce may take a little while longer than you think. You can sometimes experience the process grinding on oh so slowly. You need to try your best to make everything run smoothly. That is why it is just as important to have a separation agreement prepared as concisely and as clearly as possible.

There are many things that every separation agreement should have. Every agreement should contain how much child support is to be paid. The agreement should also state how often child support is to be paid and the manner that it is to be paid. If possible you may want to have it as a payroll deduction through your local child support agency.

Every separation agreement should also contain a clearly set visitation schedule. Try to be as specific as possible when it comes to this area of your agreement. Make sure that the times set aside and agreed upon are convenient enough for the children as well as both arties. It has happened very often that adults forget that the children have lives of their own and have their own schedules to keep. When setting up the visitation schedule, try to be as considerate as possible for the children’s sake.

Every separation agreement should also include how much alimony is to be paid. Alimony is defined as the amount of money one spouse pays to the other party, by court order, for financial support and maintenance. Remember that alimony is taxable to the recipient and deductible for the payer. This is only true if alimony is given in the form of a court order or a written agreement mutually signed by both parties.

A separation agreement should also clearly state who will be responsible for taking care of the joint bills by both parties. The agreement should also contain clearly stated conditions on who will remain in the marital residence during the divorce proceedings, who will be paying for its upkeep, or if the house is to be sold.

The separation agreement should also include any other conditions that pertain to other matters, financial or otherwise, concerning both parties. If both parties are due any type of joint refund such as tax refund, an agreement has to be determined on how it will be split. If an agreement cannot be reached, most of the time the funds will end up in an escrow account where it will remain untouched until the issue is settled.

If both parties jointly own a home, it also should be determined on who will be taking the tax deduction for the mortgage interest of the home and of the real estate taxes if filed separately. Usually it will end up to the party paying the mortgage. However, if the other party needs the tax deduction while the other doesn't have a need for it, this could be used as a good negotiating point.

If there are children involved, the separation agreement should also state who would be taking the tax deduction for the children if both parties filed separately. It is usually agreed upon that the spouse paying for child support would be allowed to claim one or more of the children, that is, depending on the amount of support being paid.

These are just some of the things that both parties should be considering when preparing for their separation agreement. Both parties should always consult with their lawyers on what steps to take in make the divorce proceedings go smoothly.