What does a separation agreement cover? Typically the agreement covers four main issues and then addresses a series of waivers.
The four substantive issues that most agreement address are:
- child custody – joint and legal custody and schedules
- child support – amount, payment dues dates, health insurance
- alimony/spousal support – amount and termination provisions
- property and equitable distribution – assets, debts, and distribution
The waivers in a typical separation agreement are:
- waiver of estate rights and claims
- releases of other claims between the parties (and sometimes third parties)
- often there is a waiver of further financial disclosures
An important aspect of a valid separation agreement is that it be signed by both parties in front of a notary public.
Those are the basics. Separation agreements can be very complicated. Resist the urge to draft your own agreement… it is easy to make mistakes and create legal issues that may be very costly and sometimes impossible to fix later on.
Scott Allen is a divorce attorney in Raleigh, NC with over nineteen years of experience in all areas of family law litigation and settlement. He can be reached at 919.863.4183.