Many people believe that a divorce judgment is all that is necessary to protect themselves following separation, however, it is important to remember that a divorce judgment will not address all issues arising upon separation and a divorce judgment can be varied in the future. Depending on your individual circumstances, a comprehensive Separation Agreement may not necessarily be required, however, in most instances it is advisable to have one prepared to prevent future conflict, formalize agreements, and manage expectations moving forward.
Specifically in these instances, it is advisable to have a Separation Agreement with independent legal advice prepared:
- When one or both spouses are waiving spousal support;
- When there are assets or debts to be divided between the parties;
- When the parties are not sharing Canada Pension Plan credits for the period of their relationship;
- When the parties do not wish to divide employment pension plans equally;
- When you want child or spousal support obligations to be enforceable even if the payor dies;
- For situations when the parties are making agreements that will take place at a specific time in the future;
- When you are deviating from the Federal Child Support Guidelines, such as paying less or more than the guideline table amount, or setting support obligations for more than one year;
- When one of the spouses is receiving a lump sum of spousal support;
- When there is not going to be an equal division of property acquired during the marriage;
- When you want to protect your assets moving forward after separation; and
- When you want to ensure that you will have a legally binding document that you can rely on to ensure that the promises and agreements made after separation are followed.
At Schnell Hardy Jones LLP, we are a full-service law firm that can assist you with all issues connected to your separation and divorce. This may include dealing with corporate interests/transactions, residential and commercial real estate transactions, home refinances, and changes to your will and estate planning.
Whether you will need a final Separation Agreement will depend on your individual circumstances. Feel free to contact one of our lawyers to discuss whether your situation requires a Separation Agreement, or whether there are other options available.