A separation agreement is essentially a contract drafted between two spouses or common law partners resolving issues of:
- custody and access (if applicable),
- division of property and equalization, and
It replaces your need to go to court to resolve these issues and if you and your spouse/partner are agreeable then it is the most optimal course of action you should take. Going to court is extremely costly and drafting a separation agreement, even if you must resort to arbitration or mediation, may greatly reduce the costs associated with obtaining a divorce.
A separation agreement is not necessary, however, as was previously mentioned it greatly reduces the costs associated with divorce and it is flexible and personal.
- It is personal in that the parties involved are able to discuss the issues and reach a conclusion that best suits their particular situation as opposed to a judge who is an objective third party and unaffected by any decisions he or she may make.
- Flexibility stems from the fact that any amendments that must be made can be made by the parties themselves, quickly and easily and take effect when the parties have agreed to and signed the amendment. The alternative to this would be bringing an application to court for a variation with which come costs and delays and the unnecessary consumption of your time.