A separation agreement records how a separated couple will divide their responsibilities and assets. This may include the family home, secondary properties, vehicles, savings and debts. It is a contract normally drawn up by unmarried couples who cannot obtain a financial order, and it is used to prevent monetary claims from either party in the future.
Whilst a separation agreement is not a legally binding document, it does invite the court to uphold the agreement reached if it is drawn up correctly and it provides more legal security than no agreement at all.
There are a number of principles which a suitably drafted separation agreement should record, as follows:
1. The parties are entering the agreement of their own free will. This means that neither party should be forced or feel pressured to agree to the terms.
2. Both parties’ financial disclosure (ie. their assets and income). This is essential to a fair agreement.
3. Both parties have sought independent legal advice. A solicitor will normally sign the separation agreement with a declaration that they have provided such advice.
4. It is a full and final agreement. It should set out both parties’ agreement that they will not be making any future claims against the other in the future.
For more details on separation agreements and to arrange a free initial discussion with a solicitor, please contact Myers Law on 01733 968650.