Separation Agreements
Legally Binding Agreements Post Separation
What is a separation agreement?
A separation agreement is a legally binding document that sets out terms for how you and your spouse are separating and dividing your lives. Separation agreements are important because they give the parties certainty about how they can move forward with parenting arrangements and/or finances. A separation agreement may be required to obtain a divorce, secure financing from a bank, or divide or transfer assets like houses, investments, and pensions.
The agreement can be made on a final basis or on an interim basis, depending on where you are at in your separation, and can include various topics. Some of these topics may include:
Property, Assets, and Debt - who will pay which bills, who will keep different assets, who will pay specific debts, who will live in a shared home, and whether either party owes the other an equalization payment.
Parenting Time and Decision-Making – who will care for the children, where the children will live, how important decisions will be made, who will have access to information about the children, etc.
Child Support – who receives support, how much support is to be paid, and how special expenses are to be divided for the children, such as daycare and extra-curricular activities.
Spousal Support – whether or not either spouse should receive payments from the other spouse (entitlement), how long the payments are to be made (duration), and how much is to be paid (quantum).
If a party wishes to have a separation agreement drafted or turn a verbal agreement into a legally binding agreement, a lawyer can be retained by one party to draft the agreement and provide legal advice to that person. The other spouse could then take the agreement to their own lawyer to receive Independent Legal Advice (ILA) to ensure that they understand their rights and obligations under the agreement and to ensure that the agreement is fair to each party.
Cost
Legal Services for drafting a separation agreement range from $1500-$4000 + HST*, depending on the complexity of your particular situation. Hiring Aspire Family Law to draft an agreement includes the following services:
One meeting with the client to discuss all of the topics that need to be covered, legal advice regarding separation, and obtaining the client's instructions on the contents of their agreement;
Drafting the agreement after receiving any necessary documents from the client;
Reviewing the full draft agreement with the client once and making any necessary changes;
Providing the draft agreement to the client; and
Witnessing the client's signature on the agreement.
*The above fees do not include negotiating changes with the opposing party or the opposing party's lawyer or preparing or exchanging significant financial disclosure.