A settlement or separation agreement is a document that records all the decisions made between you and your spouse concerning your divorce. Covering everything from property division to spousal support, it maps out in a legally binding document your plans for the future after your divorce or separation – both for you and for the state of New York.
A settlement agreement refers to the document created for a divorce while a separation agreement refers to the document created for a separation, but both contain similar information. This type of agreement is designed to create a binding document supported by the power of the state. It helps you show each other and the state of New York that you are serious about your divorce or separation and that you will observe your agreement to the best of your ability.
Your settlement or separation agreement gives you the opportunity to create a road map for you and your spouse to use when interacting with one another both during the divorce and after it is finalized. It may take some time to craft and it may involve considerable compromise. However, it is far preferable to the process of a contested divorce, where you and your spouse need divorce lawyers to defend your rights in court.
Your settlement or separation agreement will be something you refer to for years. Not only does it lay out how you will separate your property, assets and debts, it also states how you and your spouse will interact with one another after the divorce is over. If you decide on spousal support, it will guarantee that. If you decide against it, the agreement will protect both of you from attempts to collect support later on.
Most couples appreciate the stability that a settlement or separation agreement provides. Take the time to be thorough and honest when building it, because it will remain in your life for some time.