A Separation Agreement touches most facets of your relationship. The document contents will vary depending on your relationship. For example, having kids, owning property, and sharing finances can influence the contents.
Child custody, access, and visitation
When separating, you and your partner must consider the well-being of your child or children. Many couples choose to co-parent, splitting the responsibilities equally or semi-equally. However, every family is different. Make the decisions that suit your children and your relationship with your spouse.
You can negotiate your parenting arrangements and finalise them with a Separation Agreement. When creating your parenting plan, you and your partner should discuss:
- How you’ll split custody for everyday and holidays
- Who will have decision-making authority for the children
- How the children will spend time with relatives or other significant people in their life
- How you will divide responsibilities for school and extra-curricular activities
Separation can be a tumultuous time for your child, and your main goal should be to create a safe and stable environment. As you make these decisions, consider listening to any opinions or concerns your child or children might have. If you can’t agree on the parenting arrangements, you can seek family mediation or apply for custody.
Spousal maintenance
Spousal maintenance is a form of financial support paid from one spouse to the other after a separation or divorce. Also known as spousal support or alimony, it applies when one spouse requires financial assistance after separation or divorce to maintain a standard of living or achieve financial independence.
Maintenance payments depend on factors like income disparity, length of the marriage, and each spouse's financial needs and contributions. You and your spouse can decide on the need for spousal maintenance in a Separation Agreement, seek family mediation to reach an agreement, or, if you can’t agree, apply for a maintenance order from the courts.
Child maintenance
Child maintenance is a payment arrangement between divorced or separated parents to help with the cost of raising children. Both parents are financially responsible for their children, but the parent with day-to-day care will receive financial support from the other.
When making decisions about child support, you should think about:
- Which parent will have the main financial responsibilities for your children
- What expenses should be covered
- Which parent will provide the children with health insurance
- Whether the children will be covered past the age of 23 when in full-time college or university
You and your partner can choose to manage child support on your own by addressing it in your Separation Agreement. Alternatively, you can seek family mediation or apply for a maintenance order from the courts.
Division of debts, assets, and property
Property settlement is an important part of the separation. When you create your Separation Agreement, you and your partner decide what happens to your personal belongings, assets, and debts after the separation.
Things that must be divided between you and your partner include:
- Real estate (i.e., vacation homes, rental properties, land, etc.)
- Household items and personal belongings (i.e., motor vehicles, furniture, electronics, jewellery, etc.)
- Financial assets (i.e., bank accounts, pensions, stocks and bonds, trusts, etc.)
- Business assets (i.e., sole proprietorship, shares in partnerships, etc.)
- Debts (i.e., mortgage, student loans, car loans, etc.)
How you divide your assets depends on your circumstances. In many cases, separating partners retain their separately owned property and divide their jointly owned property. However, married couples and cohabiting couples have different rights, especially when it comes to the matrimonial home. Cohabitating couples should create a Cohabitation Agreement when starting a relationship, as their property rights will vary depending on the length of the relationship.
To get started on dividing your assets, you can follow these steps:
- Create a list of all your assets. Consider your vehicles, personal items, and any real estate that isn’t your matrimonial home.
- Appraise the value of your assets. For more significant assets like real estate, you can do this yourself or seek an expert opinion.
- Decide the division of property. Determine whether certain assets have a logical owner. You may want to consider exchanging larger items for several smaller items and vice versa.
If you can’t agree on a fair property division, you can attempt mediation or get a property adjustment order as part of a judicial separation. Once the court has evaluated the assets, it will create an order that divides them in a way that provides for both of you. What you receive in the separation will depend on your and your partner’s circumstances.