I’m often asked ~ Now that my spouse and I are separating, do I need a separation agreement even if we’re amicable? It’s cheaper to do nothing. Would that work?
My answer is what about about child support, spousal support, custody, the house, your other assets, and your debts? All of this should be addressed in a separation agreement
If child support and possibly spousal support should be paid, it’s hard to get retroactively, and it needs to be written up so that it’s enforceable if voluntary payments stop.
There’s nothing to show the school that you have custody.
If your name is on house and mortgage, you can’t obtain a new mortgage to move on (the bank will require a separation agreement).
What if spouse in house stops paying the mortgage or goes bankrupt?
What about the other assets, how are they equalized, what will happen when one of you retires, what happens when one of you dies? Will some of your property go to your ex instead of who you want it to go to?
Those are the issues you will face if you do nothing upon separation. So, even when you and your spouse are amicable and have worked most things out yourselves, those terms should be documented in a signed separation agreement. There’s no better time to do so than when you’re getting along and payments are up to date.
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