A divorce is a stressful experienceto go through, even when there is an understanding between the parties. Couples must divide fairly the matrimonial assets that they have accumulated in the time spent together, such as joint bank accounts, real estate properties, and pensions. They also have to settle on matters related to their children.
If one of the parties does not agree on how assets should be split, the process will become even more costly, time-consuming, and arduous. No one wants to be involved in a stressful trial that will make their life after the separation harder than necessary.
A good solution for this problem can be a separation agreement drafted by a professional lawyer.
A separation agreement is a written, private, legally binding contract that covers each spouse’s rights and responsibilities after the separation. This type of contract covers the important matters that need to be settled in a divorce, such as child support, alimony, investments, inheritances, life insurance, or matters regarding child custody, parenting schedule, and child’s education. Anything important for the family can be sorted out by the separation agreement.
There are many advantages of getting a separation agreement negotiated by a lawyer out of the court system. If the divorce follows, the separation agreement will generally make the process less stressful and less expensive for everyone involved.
So, what are are the benefits of signing a separation agreement versus suing your spouse in Family law Court?
COST. The cost of negotiating and drafting a separation agreement with a help of a lawyer is much lower than litigation. Going on trial and letting the court settle things between you and your spouse can easily cost between 10K and 70K.
CONTROL. Spouses can negotiate each issue and find solutions that suit their specific needs. They can tackle every single concern they have, no matter how big or how small. In a negotiated separation agreement couples can stipulate their own terms as opposed to following a judge’s ruling.
PRIVACY. A separation agreement is not a public record, unlike court documents. So, your coworkers, friends, or employer will not have access to your separation’s terms without your consent. In contrast, the judge’s decision and entire court file is a public record and anyone can read it.
TIME. Going on trial is a long and time-consuming process. Reaching a settlement is much faster and easier. The negotiations of the separation agreement could last 1 to 2 months, depending on the spouses’ willingness to cooperate in the process.
These are some of the advantages of a separation agreement compared to court litigation, and for most couples anything that makes separation easier, faster, cheaper, less traumatic, and private is welcomed.