A Separation Agreement is a legally binding Contract entered into by the parties to a marriage where they have arrived at terms determining the basis of their separation. These agreements usually take into account matters relating to:
- Maintenance for Spouse and children
- Custody and access arrangements for the children
- The debts and liabilities of the parties
- Division of Assets and the Family Home
- Inheritance rights
- Taxation issues
A Separation Agreement cannot deal with matters in relation to pensions as the Trustees of Pension Schemes are not bound by the terms of a Deed of Separation.
Once parties have entered into a Deed of Separation they can later apply to Court for a divorce but they cannot issue Judicial Separation proceedings.