A Separation Agreement is a document entered into after the breakdown of a relationship. The purpose of the Separation Agreement is to set out in writing the basis on which you have agreed to divide the assets of the relationship.
A Separation Agreement should be entered into by every married couple who are not planning to get divorced until they have been separated for more than two years and by every unmarried couple who are planning to divide assets.
This is because if you do not have a Separation Agreement, then there is no evidence of what has been agreed and this means that your former partner could potentially make a further claim for an additional share of the assets in the future.
It is therefore extremely important to have a Separation Agreement.
A Separation Agreement most commonly sets out how any assets are going to be shared and whether either party is entitled to a share of any other assets registered in the sole name of one party.
When you enter into a Separation Agreement is it important that the Agreement is prepared by a Solicitor and both parties obtain legal advice on the terms set out in the Separation Agreement.
A Separation Agreement can help prevent you becoming involved in expensive and protected legal proceedings because you will have already set out in writing what was agreed at the time you separated.