A sample separation contract template is added here for your reference and guidance. A separation contract is a contract between a husband and a wife when they decide to stay separated for an indefinite period time, perhaps forever. This contract lays down the conditions for various matters like property division, custody, support payment, etc. A separation agreement gives clarity and mutual understanding to ambiguous matters like repaying debt liabilities, custody of children, arriving a consensus on support claims, etc. It is wise to get a separation agreement prepared by an attorney or a professional legal advisor to ensure that complex phrases of the agreement are properly phrased without giving advantage for one party over another.
A separation contract should be signed by both the husband and wife and notarized to make it legal. A separation agreement is not an assurance to the fact that a couple will be given divorce; it is only an agreement which will make the process for getting a divorce easier and simpler. A separation contract being a contract between the spouses; is not binding to third parties like creditors, banks or finance companies to whom the spouse is supposed to repay debts. The default of the spouse to repay a debt will result in the liability being transferred to the other. The spouse can sue the other for breach of contract resulting in which the debt had to be cleared.
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