Separation agreements are usually devised prior to a parties divorce and in certain circumstances can be included in the final divorce decree. The separation agreement can be as specific as you and your former spouse need it to be. If you need to establish a very detailed schedule concerning holidays, birthdays and vacations, this can be properly outlined in the separation agreement. Determining who is allowed to claim the children each year for tax purposes will also be established. Using the child support guidelines worksheet, the amount of child support due to one parent will be clear in the agreement as well.
The separation agreement will also consider the marital debt and marital property accumulated during the length of your marriage. You will be asked to fill out a financial worksheet, and you will write down all of your known assets, your known liabilities and your current earnings.
This agreement will become the rules both you and your former spouse must follow when it comes to child custody, visitation, paying off debt and separating assets. If one party chooses not to follow the agreement, there are methods, including court intervention to compel compliance with the agreement.