A separation agreement is a legal document that outlines the terms and conditions between two parties who are separating or ending their relationship. This can include married couples, domestic partners, or even roommates. The purpose of this agreement is to establish how assets and debts will be divided, child custody arrangements, spousal support (if applicable), visitation rights, and any other relevant issues that need to be resolved between the parties involved.
The separation agreement can be drafted by an attorney or created on one's own, but it is important for both parties to have legal representation to ensure their interests are protected. Once signed, this document becomes a legally binding contract that outlines the terms of the separation and can be enforced in court if necessary.
In summary, a separation agreement is an essential tool for separating couples or roommates who need to establish clear guidelines on how to divide their assets, debts, and responsibilities moving forward.