Separation Agreements
A Separation Agreement is a legal contract between separating spouses or partners which helps the separating parties unwind both their financial and their family-related matters.
What Does a Separation Agreement Look Like?
A Separation Agreement between parties outlines certain rights and obligations, such as:
- Ownership in or division of property;
- Child or spousal support obligations;
- Custody of (i.e. parental decision-making) and access with (i.e. parenting time) their children; and
- Other matters related to the settlement of affairs.
A Separation Agreement should generally include specific information regarding how any issues facing the separating parties are to be resolved. For example:
- Parenting Arrangements: The separated parties will need to agree on a parenting plan that covers how much access or parenting time each parent will have with their children. Who has custody (i.e. parental decision-making) of the children? What does the access (i.e. parenting time) schedule look like? How much time will the children spend with each parent, and when?
- Child Support: The child support amount will be determined by the parents’ income, the parenting schedule, the province where the children reside and the number of children. Additionally, Section 7: Special or Extraordinary expenses will have to be addressed and the proportionate sharing of these expenses would need to be agreed upon. Section 7 Special or Extraordinary expenses may include daycare, private school, special needs programs, or particularly expensive extracurricular activities.
- Dispute Resolution: How will future disputes be resolved? Will the parties hire a mediator or an arbitrator to assist them with resolving their disputes?
- Spousal Support: Will there be any spousal support paid from one party to another? How much will it be? For how long?
- Property Division: How will the family property be divided?
- Matrimonial Home: Will it be sold? How will the payment be distributed/divided? What are the responsibilities if one spouse decides to stay in the family home?
- Debts: Who has what debts? How will they be paid out?
- Pensions: If either party has a pension, agreements regarding that pension should be set out.
How can a Separation Agreement be Overturned?
- If one party failed to make full financial information (i.e. failed to disclose some assets, debts, income, etc.);
- If it becomes clear that one party has failed to understand the nature and/or consequences of the Agreement; or
- If the Agreement is not in accordance with the law.
Contact Us for More Details
For a free consultation with an AGB family lawyer to talk about protecting your rights and understanding your obligations in the event of a divorce, call us today in Ottawa or email us. Want to talk right now? A representative is available for a live chat.