Deed Of Separation
Even though your marriage may have irretrievably broken down, you may decide not to start divorce proceedings straight away but still wish to formalise your separation.
A Deed of Separation or Separation Agreement is a legally binding contract that is agreed upon between a divorcing/separating couple, outlining each party’s rights and duties to the other and any arrangements in regard to:
- Living apart
- Who will reside in the family or shared home including ownership rights
- Access and custody of any children
- Maintenance and any lump sum payments
- Guarantees for the debts of the other person/spouse/partner
- Any succession rights
- Tax matters
When used with respect to finances, a Deed of Separation is effectively a “holding agreement” pending a Court order being made within the divorce that deals with the finances once and for all.
A divorce court will usually follow the terms of a Separation Agreement when dealing with the finances provided that the Deed has met certain conditions including the condition that the financial settlement set out in the Deed falls within the parameters of a reasonable financial settlement.
This means drawing up a Deed of Separation having complied with the conditions that need to be met so that the divorce court will be willing to follow the terms of the settlement as set out in the Deed.
One of those conditions is that each side should have their own independent legal advice or the opportunity of their own independent legal advice. This means that Tollers Family law team cannot act for both parties when a relationship breaks down and a Deed is required. This is the case even if every term of the settlement is agreed.
Talk to Tollers
We will often meet with our clients under our initial fixed fee arrangement. They are given the necessary advice and confidence to go off and sit down and hammer out an agreement with their former partner. Having reached that agreement, we become involved again but only to the extent of drafting up the terms of the Deed of Separation and ensuring that the above mentioned conditions are met. For further advice regarding a Deed of Separation or Separation Agreement, get in touch with our team of expert solicitors today.