Include These 4 Things in Your Separation Agreement

Have you decided to divorce your spouse due to the difference?

If so, you might want to get divorce advice Toronto from a professional lawyer or paralegal to proceed in the right direction. 

One of the things that divorcing couples create is a separation agreement. This helps them lay out property division, settle any debts, and have child custody. This is a great way to keep the divorce proceedings out of court and helps in the mutual dissolution of the marriage.

A separation agreement is a legally binding document for both parties. It gives the divorcing couple a chance to calmly discuss the terms of divorce on critical issues. 

Here’s what you should include in your separation agreement if you are choosing this way for divorce. 

Child Custody

This is one of the critical components of creating a separation agreement. The agreement must include who will take care of the children. How do both parents work out their parenting time with the children? And how to take decisions for children on major issues such as insurance, healthcare, education, and more. This must also include a way to ensure both parents contribute financially towards their children. 

Asset and Debt Division

When you sit with a lawyer specializing in family law Vaughan, they will ask you to divide your assets and debt. This will include components like the division of the real estate, furniture, cars, bank accounts, investments, and more. This also includes dividing debts such as credit card bills, mortgages, and more. 

Spousal Support

This part of the separation agreement includes deciding how much and for how long one spouse will provide financial support for the other spouse. This is especially important in cases where one spouse has left their career to take care of the home and children. In this case, the earning spouse must compensate the other spouse for their lost time and potential for career growth. 

Other Issues

Things that don’t come under any of the above categories will be included in this section. It will include tax obligations, dividing any current outstanding bills and paying them off, any joint accounts and credit card bills. 

As you can see, a separation agreement can be a critical document when you are moving forward with your divorce. Having a team of paralegals who can help you draft the separation agreement can be highly beneficial. 

Hence, get in touch with us at SW Legal Service PC. We are a leading paralegal service firm offering assistance in divorce, small claims Toronto, family law, driving issues, and more. 

Contact our team to find out more.