Learn More About What Goes Into Separation Agreements
When navigating a divorce, it’s important to know what separation agreements can do. You may just think that everything will be split down the middle, but this isn’t always the case. Having a ready separation agreement will help to relieve some stress and help to prepare you for the future.
Some parts of a separation agreement include child custody, property division, and spousal support. Having these plans in place will help you to have a clearer picture of how your life will be post-divorce. This month we’re going to better explain each of these parts to help you prepare for marital separation.
Determining Property Division Before Divorce
A very difficult aspect of separation and divorce is property division. This can include homes, vehicles, shared bank accounts, and even household goods. Brides magazine labels property as separate and marital property. Examples of these can include:
Separate: things you owned individually. Can include vehicles, clothing, heirlooms, and more. Also includes items purchased after a legal separation.
Marital: things owned by both spouses. Can include retirement, 401ks, money in joint accounts, homes, and more.
As you can imagine, property division can lead to tension and can be difficult to complete. If there is no way to agree on property division, some couples may choose to sell. For example, if both people own their home, they may sell it and split the amount it sells for.
Business Dissolution for Couples Who Own a Business Together
Another part of property division may include a shared business. In some cases, this can end in business dissolution. Some spouses may be able to continue working together, especially if the split is amicable. However, many may no longer be able to successfully run a business. Instead of trying to run it on your own, consider business dissolution. Attorney Pasley can help you to do this.
If one spouse chooses to keep the business, there are some things to consider. Forbes asks business owners to consider the value of their business. In some cases, it may be a better option to sell now that there is only one owner instead of two. You may also want to sign a non-compete agreement in the event your ex opens a new, similar business.
Spousal Support for Lower Earning Spouses
Another step in separation agreements is determining spousal support. Spousal support occurs when one spouse pays the other a certain amount to help them maintain their lifestyle. There are many factors that can play into the amount of spousal support or if it’s even possible, including:
- Fault/no-fault divorce filing
- How long the marriage was
- Standard of living during marriage
- Ages of both spouses
- Physical and mental conditions
- Earning ability for both spouses
Please note that there are many more factors that can play into spousal support. Attorney Wilson C. Pasley can listen to your current situation and determine a fair amount of spousal support. Separation agreements can also cover child support payments. These may include payment for medical, lifestyle, school events, and more.
Create a Fair Child Custody Schedule for Children and Parents
Child custody is another factor to address in separation agreements. Marital separation and divorce can take a great toll on children, no matter their age. If you have minors in the home, you will need to determine a fair child custody schedule. Some things that may affect a child support agreement can include, but are not limited to:
- History of abuse or neglect
- Work and school schedules
- Location of parents
- Child’s mental and physical condition
- Child’s needs for each parent
Remember that this is a trying time for your child, too. Many younger children may struggle to understand what is happening around them. Creating a fair child custody schedule that keeps them safe is necessary to your agreement. Let Attorney Pasley help you determine the best child custody arrangement for your family.
Not All Marital Separations End in Divorce
Keep in mind that separation agreements aren’t always for couples headed for divorce. Some couples may realize that they need to be apart for a while for many different reasons. Even if you plan on staying married, a separation agreement will be beneficial. You can set boundaries for visitation, joint bank accounts, child custody, and more. Let Attorney Pasley in Roanoke help you to create a separation agreement for your unique situation.
Do You Need a Divorce Attorney for a Separation Agreement?
The short answer, yes. When dealing with a divorce, emotions and tensions run high. In order to come out with a fair separation agreement, it’s best to trust a divorce attorney to handle it. This way you can fully understand what you are agreeing to, and know that it is a fair result for you and any children.
Wilson C. Pasley, PLC Attorney at Law works with families in and around Roanoke, VA, to create separation agreements. Let our law firm help guide you through the legalities of divorce.
Remember to Update Wills and Estates if Necessary
As you proceed with separation agreements, consider updating your will and estate plan. You may no longer want to include your soon-to-be ex-spouse in the will. You may also need to take out assets that no longer belong to you. Wilson C. Pasley can help to update wills and other estate plans.
Choose Wilson C. Pasley, PLC to Assist with Separation Agreements
Wilson C. Pasley, PLC Attorney at Law will be glad to assist with separation agreements. He understands that going through a martial separation is stressful, scary, and sometimes aggravating. Many feelings can bubble to the surface, and it’s easy to feel overwhelmed and emotionally drained. Let our experienced divorce attorney take some of the stress off of your shoulders. Attorney Pasley will work to create a fair separation agreement for you and your family.
Are you looking for a compassionate, fair divorce attorney in the Roanoke Valley? Call Wilson C. Pasley, PLC Attorney at Law in Roanoke, VA, at (540) 342-2221 or view our Facebook for updates. Ask us about separation agreements.