In this article, we explore the pros and cons of separation agreements and explain a little more about them.
Separating from your partner can be very difficult, and it’s often a time of great upheaval for everyone involved, particularly if you have children. It can be helpful if you are able to explore your options together and, if you can, discuss things in a calm, measured way.
We are here to help and offer a free initial consultation where we can look at all your options, allowing you to decide the best way forward for you and your family. Let’s start by looking into separation agreements in more detail.
What is a separation agreement?
If you and your partner have come to the realisation that your relationship has broken down, you may be wondering what steps you need to take next. Divorce can seem very final so if you’re not yet ready to take that step, a separation agreement can be a good option.
It lets you divide your assets and belongings legally and can also assist with the practical decisions you will need to take.
Essentially, a separation agreement is a written agreement made between a couple who have decided to separate, but aren’t yet ready to divorce, dissolve a civil partnership or consider judicial separation ie for religious reasons.
Many couples choose to enter into a separation agreement if they want to recognise separation on a formal basis and record their agreement as to finances, children and property.
Separation agreements can also include areas such as:
• Who will pay the mortgage or rent, and the household bills?
• Who will continue to live in the family home and/or what will happen if it is sold?
• What happens to any debts, such as loans or overdrafts?
• What will happen to your savings, investments and other financial assets?
• How you will divide your contents and belongings?
• What level of child support maintenance is paid to support the children? (if you have any)
• Childcare arrangements – ie who the children will live with and how you will co-parent together?
If you are planning to formally separate then the separation agreement can be utilised to set out the financial agreement that you seek to be bound by and can then be presented to the court when divorce or dissolution proceedings are addressed.
The pros and cons of a separation agreement
Pros:
• A separation agreement acknowledges that you both consider the relationship has ended and formally notes the date of separation.
• It is flexible – you can both decide what you’d like to include in the agreement.
• The agreement is a contractual document and can take some of the stress out of the breakdown of the relationship and will mean that you both know where you stand.
• It gives you both clarity and certainty.
• Although they are not technically legally binding on the Court as they are a contract, agreements that have been properly and fairly negotiated by a solicitor should be upheld by the court if challenged.
Cons:
• A separation agreement can only be changed if both of you agree to the changes.
• Separation agreements are not legally binding, and a court may disregard some or all of the contents if you proceed to divorce or dissolve your civil partnership.
The courts are not obliged to uphold the agreement. However, as stated above, if the agreement has been correctly drawn up, they are more likely to be upheld by the court, save for any change in circumstances.
By setting things out clearly and agreeing things in advance, separation agreements can help lead to a more amicable divorce as the hard work has already been carried out.
We understand that separating from your partner is not a decision taken lightly, and early sensible advice will help. That’s why it’s reassuring to know that we offer practical advice and will explain all of the options that are available to you.
