What is a separation agreement (SA)?
A SA is a contract between spouses who want to live apart from one another. It resolves issues such as property division, division of debts, spousal support, child custody, and child support. A SA is legally binding and may make the divorce process faster and cheaper by resolving these issues before you see a private attorney. 3. How do we divide our property in the SA? Generally you and your spouse are free to divide your property any way you want in your SA. The SA can cover all types of property, including real estate, cars, jewelry, and furniture, bank accounts, mutual funds, pensions, and insurance. 4. Can we also divide our debts in the agreement? Yes, you are pretty much free to divide your debts in any way you see fit. However, you may want to consider who received the benefit from the debt before deciding who should be responsible for paying it. For example, it might be fair for the spouse keeping the car to also pay off the car loan. When identifying who pays which debts, inc
