When Do You Need a Separation Agreement?
If divorce is in your future, you may have heard that North Carolina family law attorneys can help you negotiate a separation agreement. That raises the question of whether you need one, and when you should start thinking about your life during your separation and after the absolute divorce is final.
What is a Separation Agreement?
A separation agreement, formally called a Separation and Property Settlement Agreement, is a contract between you and your spouse resolving the many issues involved in ending your marriage. It can address child-related matters, provide for a stay-at-home parent or dependent spouse’s support during the separation, and work toward a low-conflict resolution for your divorce. It can also give you a head start on settling the division of your family’s property and debts. Resolving issues related to custody and support as well as dividing the marital assets and debts early on in the process, This allows you to move forward with your next chapter sooner, and with less stress.
When Can You Enter a Separation Agreement?
You don’t have to wait to file for divorce before you negotiate a separation agreement. Remember that in North Carolina, you and your spouse must live separately for one full year before you can file for divorce. But you can start working on negotiating a separation agreement as soon as you and your spouse know that you are going to separate. This will lay the ground rules for how that separation will go.
When Might You Need a Separation Agreement?
There are nearly as many reasons to enter a separation agreement as there are families in North Carolina. Having a set schedule for spending time with your children and knowing how much money you will receive or pay in support is crucial. Your priorities may make settling your property and support issues essential on day one, or they may allow for negotiations to go on over time. Nearly every family can benefit from a separation agreement. However, some couples need the extra protection it provides even before the divorce is filed.
When a Dependent Spouse Needs Temporary Alimony
In single-income families, or couples where one spouse is the primary wage-earner, the other spouse may depend on that income to pay for their basic necessities, like rent, food, or utilities. Separating means finding a new way to pay the bills. A separation agreement can set the terms for temporary alimony, called post-separation support, providing for the dependent spouse until a divorce can be finalized.
When the Kids Need Child Support
When parties separate, the parent taking on more of the caretaking duties often needs financial assistance to cover all their child-related expenses, even if they are working full-time. To avoid a child support case during your separation, you can enter a separation agreement that directs the payment of temporary child support to provide for your kids.
When Co-Parents Need a Plan for Their Children’s Custody Schedule
Money issues aren’t the only thing a separation agreement can resolve. When parents separate, it is usually best for the children to spend time with each of them. The details of who will take care of the kids on which days can be included in your separation agreement. By resolving child custody issues early and sticking to your plan, you can make your divorce easier on your children and give them the benefit of both parents’ love and support.
When You Want to Resolve Your Absolute Divorce Quickly
After the children, deciding on an equitable distribution of your family’s marital property is often the hardest part of the divorce process. It can take time to establish the value of your property and negotiate a division that is fair to both sides. If you and your spouse can agree on these terms, the resulting settlement agreement you sign can be incorporated into your absolute judgment of divorce. This lets you do the work of negotiating your property distribution while you wait for the separation period to expire.
Get Help Negotiating a Separation Agreement with Your Spouse
Separation agreements can help ease your family’s transition through separation and divorce. A well-negotiated contract on issues from co-parenting to debt distribution can make your divorce much faster and less stressful. At the Cox Law Firm, our experienced and compassionate divorce attorneys want to make things easier for you and your family. We will work with you to negotiate a separation agreement that includes all your most important issues, and ensure that agreement is properly included when the absolute divorce is entered. If you are ready to get started, please get in touch with the Cox Law Firm by calling 704-243-9693 or visiting our Contact Page.