Types of Separation Agreements

D id you know that a separation agreement is better than a dissolution or divorce? Here are examples of types of separation agreements. The following are types of separation agreements. Informal separation agreement There's no legal process with an informal agreement. A couple simply decides on things like how they plan to support the kids and/or spouse, as well as how to divide the money and assets. Some of the benefits of choosing an informal separation agreement can be saving money that would otherwise use be used in a legal process, and spare yourselves the turmoil that comes with long and emotional court proceedings. One thing to note here is that an informal separation does not have the backing of the law. If your partner decides to abscond it, there's nothing much that you or anyone can do about it. Formal separation agreement A solicitor draws up a formal separation agreement and outlines you and your partner's rights and duties. The benefit of this kind of agreement is that both of you will have to sign a legally binding contract. Should any of you abscond your duties or responsibilities, you will have to answers to the courts for breaching the contract. The downsides of a formal agreement are the cost, which will be higher compared to an informal agreement, and you will need the approval of your partner before you make any amends to the contract. Separation agreements give couples time to think through things before they finally pull the plug on a relationship. If you're unhappy with your relationship and want to think things through try either of the types of separation agreements above.