Child support. Alimony is a spousal support — it`s money paid by one spouse to another to help with food, housing, transportation, clothing and other living costs. In any event, if the parties have agreed on some temporary or permanent support, you should include it in the separation agreement. Such a provision could, for example, indicate that the husband pays $500 a month in child support until she dies or remarries, or that she can say that the wife must pay the husband $100 a month in child support for a total of four years, then it will end forever. Other subsament advice: If this agreement is conceived as a precursor to divorce, this section ensures that both parties accept this intention and the timing of the proceedings. It also indicates that they intend to use this agreement as the basis of their divorce regime. From a financial point of view, several issues are discussed below, which may be covered by the separation agreement with which you wish to exercise particular caution. I emphasize once again that you do not need to agree on all the issues before entering into a separation agreement. You can develop an interim agreement containing the issues you have agreed and you can continue to update the agreement while resolving other issues. In order to formalize “full disclosure,” the agreement should contain several lists or schedules specifying all assets and responsibilities, their values and other relevant details. These lists are then sent back from the different sections dealing with different types of assets and responsibilities.
If there is no split, the agreement should say so. If the decision on pension sharing is to be postponed or postponed until divorce due to the lack of a current agreement, this should also be clearly formulated. Make sure the agreement is very specific and clear in this area. The parties` intention to distribute or renounce it should be explicitly explained. A poorly drafted agreement may be challenged in court as vague and unenforceable, or may result in a loss of pension division rights because it was not properly maintained in the agreement. · There is no law for a separation couple to execute a separation agreement; but it is a smart idea when there are debts, children, support rights or assets involved and the parties want to settle these issues in writing. Are you looking for a Newburyport lawyer, andover or family lawyer? If you are looking for answers to your questions about separation agreements or general family issues, you can arrange free consultations with our office.