If you have separated from your husband or wife and are not yet ready or able to issue divorce proceedings you may be able to divide assets using a separation agreement.
In many circumstances the grounds for divorce can be a problem for example, one partner may not wish to go down the route of blaming the other party in order to issue divorce proceedings. In this circumstance the couple would have to decide that divorce proceedings should be issued once they have been separated for two years. By doing this no one has the blame their spouse for irretrievable breakdown of the marriage as stated in the grounds for divorce.
While you may choose to leave divorce proceedings for two years it is sensible to sort out any financial issues in the meantime. This can be done through a separation agreement. In a separation agreement you would agree how the assets are to be divided up, whether there should be any maintenance payable and you can also set out arrangements in relation to your children.
Although separation agreements are not court orders and there is no guarantee that they would be legally binding, the court would still be persuaded by a separation agreement if there was an issue at a later date. However, that is only if legal advice has been taken by both parties and there has been full disclosure of your financial positions at the time your signed the agreement.
A separation agreement is always an option to be considered but as the name implies, only if agreement can actually be reached.
If you would like to discuss a separation agreement with one of our family law solicitors please contact us and we’ll be happy to help you.