Because the importance of this agreement, it makes sense to get legal advice and make sure you don’t miss anything that could come back to bite you. If you live in Bakersfield or Kern county our attorneys at Azemika & Azemika stand ready to help you.
A “Separation Agreement” is a ‘document’ or a ‘contract’ between you and your spouse. Do not confuse it with the ‘process’ of getting legally separated.
As a contract, it is legally binding and deals with all the aspects of your separation such as alimony, how your property is divided, insurance coverage, and more.
Your Separation Agreement can address where the children will live, spells out the visitation schedule, and how much time they’ll spend with each parent and when. Without this spelled out in a Separation Agreement you could end up losing many nights of sleep fighting over custody.
The Separation Agreement can divide up the responsibility on who pays for the living expenses such as mortgage/rent, groceries, taxes, utilities, insurance, etc. while separated.
Use this contract to agree on who pays whom and how much. It also serves as financial proof (like a receipt) that you can use to claim tax deductions during tax time.
This is a biggie. The Separation Agreement helps avoid confusion and weeks of he said, she said later on about the family assets.
For example, it can direct how savings and investment accounts will be managed while separated. Will real property like your house, boats, cars be divided or sold for cash, and who get’s how much of the proceeds.
If you have income producing assets such as rental property or a small business, the Separation Agreement can spell out who get the cash flow.
This contract (Separation Agreement) is necessary and useful to start over because it can also serve as the bases of gaining clear title, or clear the slate on loans so new ones can be taken out.
Your separation should not leave you poor in your old age. The Separation Agreement can guide how retirement accounts will be valued and split fairly.
You’re separating from your ex for a reason. Make sure its permanent. The Separation Agreement is proof and protection in case your ex changes his or her mind and decides to sue for more money, custody, or pretty much anything related to your separation.
If your ex takes on future debts and liabilities, your Separation Agreement proves you’re not responsible for paying any of them back.
If your ex gets into a car accident and the victim goes fishing and tries to take your money, the Separation Agreement shields you and beats back greedy people trying to get to you through your ex.
You can draft a Separation Agreement on your own. But seeing everything that’s on the line, you’re better off getting the support of an experienced attorney who can protect you and make sure you don’t overlook any important points that can blow up in your face later.