My lawyer tells me that I should get a separation agreement when I get divorced. What is it and what does it cover?
A separation agreement should cover all of the issues outstanding between you and your spouse. Minimally, it should dispose of all of the assets accumulated during the marriage, including real estate, personal property, bank accounts, securities, insurance policies, retirement and pension plans, etc. It should also allocate who is responsible for paying all of the debts incurred during the marriage that remain unpaid. If there are children the matters of custody and
visitation should be carefully set out in detail. Matters of spousal support in amount and duration should be included as well as child support. There are other matters that can be included such as no interference with the other party’s life, waiver of inheriting from each other, etc.