Separation and Property Settlement Agreements
A separation agreement is a written contract that is voluntarily agreed upon by both spouses that resolves some or all of the issues arising from their separation. The agreement becomes legally binding once it is signed by both spouses and notarized. It is strongly advised that you seek the assistance and guidance of an experienced family law attorney if you are considering or negotiating such an agreement.
A separation and property settlement agreement is a way to amicably resolve some or all of the issues arising from the marriage. A property settlement agreement can be entered into anytime prior to or following your separation, but a separation agreement can only be executed after you and your spouse have separated.
The following issues can be resolved in an agreement, as long as it is not against public policy:
- Child Custody
- Child Support
- The division of property and debt (equitable distribution)
- Spousal support
A separation agreement would not grant an absolute divorce, as that has to be done through the court system.
The benefits of a Separation and Property Settlement Agreement are:
- The agreement can remain private
- Parties are in complete control to create customizable agreements to meet individual needs and desires. The agreement can even provide temporary solutions and require that the parties re-evaluate an issue at a set future time
- It is quicker than litigation, and parties can easily work settlement talks into their daily schedule
- It can be less emotionally stressful as it keeps parties out of the courtroom
- Finally, it is less costly
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Separation and Property Settlement agreements can be very complex even in the most amicable of divorces. Conflicts in negotiations among spouses can become destructive and negotiations without attorneys can easily fall apart. It is important to be adequately prepared and advised during the negotiation process by an experienced family law attorney as assets and debts may be forgotten or inappropriately divided. For this reason, it is recommended that parties consult with their own individual attorney who would ensure that a fair and equitable agreement is reached.
Our divorce team includes Board Certified Specialists in Family Law, specially trained Collaborative Divorce Professionals and an expert in North Carolina adoptions. Whether you believe that your divorce is simple or complex, no divorce is easy. An experienced attorney can help you understand the long-term impact that your decisions may have. Collectively, our team brings a century of legal experience to your family law matter. Call our family law team at 336-379-1390 to schedule your consultation today.
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