A Separation Agreement is a contract between spouses. It is enforceable under contract principles of law. It differs from a Court Order because a Separation Agreement is modifiable only if the parties mutually agree, whereas a court can modify an Order over the objection of a party. We will advise you whether your interest is best served by the execution of a Separation Agreement rather than a Court Order, or whether it is best for you to have both.
What should I ask for in a separation agreement?
Separation Agreements can cover a multitude of topics, like:
- Physically separating from each other
- Distribution of real estate
- Sale of real estate with detailed terms
- Distribution and division of business interests
- Distribution of Financial Accounts
- Distribution of Retirement and Investment Accounts
- Payment of Debt
- Distribution of personal property
- Sale of assets
- Tax Strategies
- Life Insurance
- Child Custody and Child Support
- College and post-high school support
- Pets and Pet Support
- Intellectual Property
- Social Media accounts, images, cloud storage
- Music and video libraries
- Support Trusts, Life Insurance Trusts
- Property Division settlements and payments
- Confidentiality terms
A Separation Agreement, more completely known as a “Separation Agreement and Property Settlement Agreement,” is an alternative to litigation. However, litigation is often initiated and thereafter settled with the execution of a Separation Agreement.
The negotiation of a Separation Agreement is not easy. It may be time consuming and complex, depending on the nature and extent of marital and separate assets. Most of the time, neither party succeeds in getting every single term he or she wants. Each side must compromise, and compromise is hard. But first, you need to be educated about what North Carolina law allows and what your options are so you can make informed choices.
For more information on separation agreements in North Carolina, contact a Raleigh divorce mediation attorney at Parker Bryan Family Law today.