What Are The Benefits Of A Separation Agreement?
Many couples choose to live separate once their marriage seems not to work. However, being separated doesn’t mean that couples will automatically be divorced. You can choose to remain separate and not file for divorce. If you are thinking about separating from your spouse, you may be wondering what benefits you may receive with a separation agreement Ontario. Below are some of the reasons why couples choose to have a separation agreement.
Benefits Of A Separation Agreement
A separation agreement outlines what each spouse is obligated to during separation. If they choose not to divorce, then they must fulfill some legal obligations to one another. There are many advantages associated with this. They include:
- You have a chance to think over in case of divorce:As mentioned earlier, separation doesn’t mean divorce. You may find that after some time, the issues have dissolved, and you may choose not to end your relationship.
- Provided transparency on financial arrangements:Your separation agreement will more likely be upheld by the court when determining any financial deals. This may include how to support your spouse, children, and other issues such as child custody.
- Make your divorce less complicated:Should any dispute regarding the division of assets or children arise between you, you may have a document to refer to. Besides, if you finally decide to divorce, the document may be used during your divorce proceedings. But before filing a divorce petition, you must have lived separately for one year.
A written agreement surpasses any verbal agreement to be reached between a couple having marital differences. A separation agreement gives you a chance to divide your assets or finances before you lose the rights. It’s possible to lose your rights if you stay too long before claiming what is yours. When dividing your assets, you have to follow the set federal, provincial, and territorial laws. The laws to be applied will depend on:
- Your province or territory
- Whether you were legally married or it’s was a common-law relationship
How To Come Up With A Separation Agreement In Ontario
Though a separation agreement doesn’t automatically become legally binding, you need to learn how to come up with one that can be recognized by the court if the need arises. Thus, you may come up with an agreement when:
- Both of you have independent advice on the matters to be involved in it.
- Both partners have obtained full disclosure of their financial situation.
It is advisable to prepare a separation agreement with the help of a family lawyer. Each spouse should have a lawyer before coming up with the agreement. This is to ensure that each understands the consequences involved. The reason is you may disagree on child support or alimony that needs to be included in the agreement. Again, some issues may force you to go to court, which may be too expensive. Therefore, it’s better to consider having informed advice from mediators, arbitrators, or family lawyers who can help make the right decisions.