Coming to the determination that you want to live apart from your spouse but don’t want to get divorced right away can be a difficult decision to come to. As you explore your options, you may have questions about how your separation will affect your children, your finances, and your life balance. Something that many couples consider when they are separating but not yet filing for divorce is a separation agreement, which can allocate specific items to each spouse until the next steps are determined.
But is there really any benefit to a separation agreement? Here are a few important advantages of signing a formal document during separation.
- A formal separation agreement is a great way to determine the specifics of your separation arrangement, including things like child care and finances.
- Drafting a formal separation agreement can help to ensure that your spousal arrangements are adhered to while you live separately. Revenue Canada accepts separation agreements as the legal basis for deducting spousal support from income of the paying party and including it for the party receiving the support.
- A formal document can help guide your divorce agreement as you determine what works and doesn’t work for your family.
- A separation agreement doesn’t have to be permanent, and if you and your spouse determine you would like to remain together, you can formally end the terms of your separation.
Separation agreements may not be for everyone, but they can be an important consideration as you move through a separation and divorce. A great way to determine your options and develop a fair and amicable agreement is by using collaborative law during the process. Reach out to us at Best4All today to learn more about how we can assist you.