Typically, once a husband or wife decide to separate from their spouse, they would need to divide their marital property. This includes division of the matrimonial home, all assets, debts, property, and other financial family responsibilities.
Your Separation Agreement will only be considered in court if it is fair to both parties, so ensure that you divide all assets and debts in a way that leaves neither spouse unjustly better off than the other.
Spousal Support: Spousal support, or alimony, may be included in a Separation Agreement. It is usually paid from one spouse to another to assist in maintaining an accustomed financial lifestyle. The length and amount of alimony depends on:
- The length of the marriage
- The health and age of both spouses
- Standard of living prior to separation
- Sacrifices and contribution of both spouses during marriage
- The income of each party
- The future financial prospects of each spouse
If you can come to an agreement regarding the amount and length of spousal support payments, and it is fair and reasonable to both parties, then it's likely the same alimony arrangements will be incorporated in your divorce judgment.
Child Support: Child support can be negotiated and included in your Separation Agreement. It must be reasonable and fair to each parent and their financial circumstances. If you can agree upon an amount, the payment dates, and the length of payments, you may include it on your Separation Agreement for consideration. However, the courts will have the discretion to decide what is in the best interest of the child.