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With divorce rates on the rise, there are more and more people that are interested and asking questions about separation agreements. Although you could enlist the help of a professional to walk you through the process, separation agreements are not very hard to understand. This is why we have put together some information the most frequently asked questions about separation agreements.
FAQ's of Separation Agreements
- Perhaps the number one question that is asked is, simply, what a separation agreement is. A separation agreement is basically a contract that will divide property and help to settle problems that are associated with a couple splitting up including custody and alimony issues.
- Another question that is commonly asked about when and who is able to have this type of agreement. The fact is that these types of agreements may be drafted after or before you and your spouse have been divorced. In fact, this type of agreement can even happen when the couple is still living in the same home.
- Some people have asked about the importance of a separation agreement. The main idea of having a separation agreement is to make sure that you have your separation documented. This will prove extremely handy when you have to provide evidence of your separation in divorce court. This is because many times a separation and the exact date of the separation are sometimes unclear. Having an agreement will act as written documentation that you were in fact separated. The fact of the matter is that if you do not have any marital property or children you will probably not be able to benefit from a separation agreement. However, if you have debts together with your spouse, you will most likely want to draft an agreement.
Distribution and Division of Assets
Many people are constantly asking questions about the criteria that are used to determine whether or not a divorcing couple's assets should be divided equally. Here are some of the things that will warrant an equal division.
- A long marriage (10+ years)
- Both partners have almost equal wealth before being married
- No underage children
On the other hand, the spouse that has more of the following attributes will most likely we awarded more property in the process.
- Less ability to earn an income
- Poor health
- Custody of young children
Contact the nearest Divorce Attorney and obtain a free case evaluation.
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