Separation Agreement
You and your former partner (common law or married) can decide to live separate and apart, either in your own places or in the same house but in separate rooms with separate meals and finances. The terms of your separation can be deduced down to into an agreement. Usually, a separation agreement would address issues relating to children (their decision-making responsibility, parenting time, support and expenses, visitation and vacation), division of property and assets, possession of matrimonial home and decision on spousal support.
An independent legal advice and an exchange of financial information are strongly recommended components of your separation agreement. One other significance of a separation agreement is that when you are separated and want to sell your matrimonial home, it may address the division of sale proceeds. Likewise, you will need a separation agreement when you are getting a mortgage on your matrimonial home.
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