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Why are Separation Agreements Important?

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It is not unusual for finances and assets to become intermingled during a marriage. While some spouses, especially those married later in life, choose to keep things separate with an agreed plan of who owns what and who pays what, the vast majority handle things jointly. When a couple decides to separate, it can be challenging to determine who is going to handle certain bills, especially when you add in extra living arrangement costs and the emotional factor.

Why are Separation Agreements Important?

Even if you can come to an amicable agreement, if the other person does not abide by it, you could be in a financial dilemma. This is one of the best arguments for separation agreements. Having a formal document that lays out all the financial details can provide peace of mind for both sides. Both sides do have to agree on all the terms included in the agreement, but it can sometimes be easier to agree on something that doesn’t have the finality of a divorce decree.

Separation agreements are critical when there is a long period of time before a divorce can be completed. Whether it is because of divorce regulations requiring separate living for a period of time, a financial reason for waiting, or some other reason that is best for all concerned, at least you’ll have a written document in place to protect your interests.

If you would like to know more about separation agreements, reach out to us at GPS Law Group. Whether this is a temporary situation with reconciliation the goal or as a prelude to divorce proceedings, we’ll be happy to help you with the legal documents needed. Call today to schedule a consultation to learn more.