A Separation Agreement (a/k/a divorce contract) sets forth very detailed terms of the divorce that each spouse must adhere to. The Separation Agreement is the only mechanism for divorce other than a trial and reaching terms that each spouse can agree to takes time, negotiation and an open mind. A Separation Agreement establishes terms of spousal support, child support, physical and legal custody, parenting time including vacation/holiday time, payment of children’s higher education, division of assets, division of debts, tax issues, among many other issues.
When Children Are Involved
If you are married and had children with your current spouse, the Separation Agreement will need to include very specific details relating to parenting time, taking into account the best interests of the children. Each parent needs to offer a plan that s/he will work best for the children in light of each parent’s living and employment situation. Working with counsel, both parents will learn how to adjust proposals so that a final routine parenting plan can be established for both parents. In the event that a child has attained the age of 13 or such maturity that s/he wishes to have a plan different from each parent’s proposal, the court offers a method for the child to give the court information regarding his/her desires.
During the divorce process, Attorney Soloman will advise you on health insurance for the child[ren], uninsured medical costs, child support, costs of extracurricular activites, and several other financial issues relating to the child[ren]. Financial obligations for children are particular to each families situation. Your family is unique and the advise you receive needs to address your families’ unique circumstances.
Property Division and Debt Allocation
If, during your marriage, you and your spouse acquired assets, such as a home, investment accounts, other real estate, inhertiances, among other assets, it is imperative to provide detailed information on each asset in an effort to determine how the asset will be allocated you and your spouse. It is possible that your case involves debt, such as credit cards, student loans, parent plus loans, and personal loans, to name a few. Unless otherwise agreed, neither spouse is ordered to pay all of the debt accrued during the course of the marriage.