Separation deeds or agreements are generally used where parties do not wish to divorce straight away but want to reach an early agreement on their financial affairs until they can bring divorce proceedings, usually after 2 years or more of separation.
The other situation in which a separation agreement can be used is in you need to put in place a quick legal agreement because you need to formalise a financial transaction such as a house sale or buy out, and cannot wait for the 4 months or so it would take to start a divorce and obtain a Consent Order.
A separation agreement contains clauses to regulate your separation, and put in place a deal covering the division of financial assets and maintenance.
Your separation agreement can deal with the following:
- Maintenance for a spouse or child
- The matrimonial home and other property dealt with
- Life insurance policies and endowments
- ISA's and Peps
- Stocks and shares
- Pension sharing arrangements
- Cars and other vehicles
- Business and company assets
- Tax issues and liabilities
- Residence and contact
A separation agreement is a quick to implement temporary agreement that is usually later superseded by a Consent Order.