How to Create a Separation Agreement!

If you have come to the end of your patients with each other and separation is no longer avoidable, it is time to secure each individual party up. We each want to believe that we are mature adults who can handle ticklish situations like this in a decent manner, but the reality is that more often then not separations and divorced turn ugly. If you still wish to have a chance at working it out in the long run, you may wish to go the separation route, or if you are unable to wait for the divorce to be finalized, this is where the Separation Agreement comes in.

What is a separation agreement?
A separation agreement is a legal documentation of division of assets, property, agreement of support etc., without filing a legal Separation. It divides debts, provides custody agreements, child support and visitation rights in case of minor children.

Who should use a separation Agreement?
This agreement is ideal for a couple no longer living together, but is for whatever reason not ready file for a divorce or legal separation. It helps those that can not afford to wait until the divorce is finalized to divide the above mentioned items or want a form of security from each other.

What should you be aware of?
A Separation Agreement or Pendente Lite Order as it is called at times is only legally binding if you have it in the form of a court order. If you and your spouse can agree on the terms, it isn't necessary to involve a lawyer to write it up for you. The less legal fees you encore, the easier it is on both of you.

What should the Agreement entail?
If you have children together, this agreement must cover who has primary custody of the children or if you have equally joint custody. Who must pay who child support and how much. Make sure to set the dates the payment is to be made and in what form as well. Visitation rights have to be outlined.

Who is responsible to pay for the joint bills and if you both are who will have which or what percentage of the amount.

If you own house, you have to decide who is permitted to remain in the residence, if a fair share of the value is to be paid out to the living partner or if your spouse receives another item of equal monetary or emotional value to him or her. If you can not agree on anything like that you may have to sell the residence and split the profit.

How much alimony is to be paid and when. Remember that alimony is taxable to the recipient and deductible to the payer. Please remember that this only binding if you have it in form of a court order. You can not file this jointly on your tax return. At times you may be better off not to call it alimony.

If you own a house together, who will be permitted to take the tax deductions on the mortgage and the tax return?

What about the Child Credit on the tax return?

Who will be responsible to provide the kids with medical insurance? If you file jointly, who will receive what percentage of the return?

Where can you find forms for the Separation Agreement?

You can find Do it your-self Separation Agreements in any store that offers self preparation forms or on the Web. The costs of the packages vary.

How difficult is it to use the forms?

I have found a website that offers Do-it-yourself Separation Agreement">do it your-self Separation Agreements (just click on the link to be taken there) which allows you to fill the Information in and then print it out. Very simple and fully instructional, this one has been the best option by far.

Being in such a situation is difficult, but you don't have to make it worst for everyone involved. It is perfectly ok to do some aspects of your own Separation or Divorce. I did and it worked out just fine, it also cost me less then half the cost it would have had I hired a lawyer.