A Separation Agreement is for couples who may or may not have been married and who intend to separate. A Separation Agreement can be used to formalise any agreement that they have come to in relation to the children, money and property.
A Separation Agreement is a voluntary agreement between the parties and cannot be forced upon a party. Courts do not have any involvement in the preparation or approval of the document and can overturn a Separation Agreement if the agreement later breaks down. Separation Agreements are also difficult to enforce through the courts if one party breaches the terms of the agreement.
The main advantages of entering into a Separation Agreement are that they are very flexible in terms of what can be agreed and they provide a means of resolving financial and other problems without the expense of going to court.
Courts in England and Wales are increasingly reluctant to overturn Separation Agreements where both parties have had the benefit of legal advice, given full disclosure of their assets and which are not entered into under duress. However, it is important to be aware that at present, in England and Wales, Separation Agreements are not legally binding and the only way to achieve absolute finality in terms of a married couples finances is to get a Consent Order.
We provide you a simple template precedent for separating couples to complete together with a set of Guidance Notes to assist you. These have been drafted by experienced family law solicitors. Please note the following before purchase:
- This template refers only to the jurisdiction of England and Wales.
- This template is not suitable if the parties have joint assets that are in excess of £250,000.
- This template is not suitable for parties who need to deal with business assets or a limited liability company.
- This template is to enable you to record an agreement that has been reached, it does not provide advice on the actual agreement. To be considered as binding by the court both parties will need to seek independent legal advice upon the terms of the agreement.