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May 14, 2012, 08:25:32 AM
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What is a 'legal separation'? What does a Separation Agreement do?
A Separation Agreement is a legally binding agreement between you and your spouse that covers the period of time from when you separate until the time that the divorce is made final. It is a document that outlines the terms of the couple's separation, and generally resolves all issues relating to child custody, child support, division of property, and alimony. To be valid, a separation agreement must be in writing, signed by both parties, and notarized.
A Separation Agreement is a legally binding agreement between you and your spouse that covers the period of time from when you separate until the time that the divorce is made final. It is a document that outlines the terms of the couple's separation, and generally resolves all issues relating to child custody, child support, division of property, and alimony. To be valid, a separation agreement must be in writing, signed by both parties, and notarized.
A legal separation is normally the first step in a divorce. In most, if not all States, you must be legally separated for some period of time (90 days is typical) before your divorce can be made final.
At the time of legal separation, debts and property are usually 'frozen' and made separate for each party. During a legal separation, if your ex goes out and runs up huge credit card bills (for example), you aren't responsible for them in the eyes of the court. (You may still be responsible for them in the eyes of the creditors, however.) You are also generally prohibited from disposing of (or converting) marital assets during this time.