When there has been a separation, it can be tempting to resolve the division of your relationship assets as soon as possible. A legally binding way of doing this is a Separation Agreement. Read this article to understand what a Separation Agreement is before you sign it.

In order for a Separation Agreement to be binding, it must meet the following criteria:

  • The Agreement must be in writing and signed by both parties;
  • Each party must have independent legal advice before signing the Agreement;
  • Each party’s signature must be witnessed by a lawyer; and
  • The lawyer who witnesses the signature of a party must certify that they have advised as to the effect and implications of the Agreement.

Whilst it is beneficial for this to be done in a timely manner, it is important to take the time to understand these Separation Agreements and their consequences before signing them. It may seem obvious, but in situations of high stress or pressure, people tend to prioritise ending the conflict rather than understanding what they are agreeing to.

Recognising the Time Pressure

It is common for people negotiating the division of their assets when separating to make rash decisions in order to resolve their separation as quickly as possible. It may be that in a couple years time, when all the dust has settled, you could regret making the concessions you made in the lead up to signing a binding agreement.

In these moments, it is important to recognise that you may be reacting to the time pressure of your current situation, rather than signing an agreement because you consider it will get you the best possible outcome that you want.

Understanding the Agreement

It is crucial that any agreement you sign accurately reflects your intentions. Even in volatile situations, it is important to take the time to consult your lawyer and fully understand the consequences of what you are agreeing to. Failing to do so may lead to regret later. In some cases, you may accept less than what you would normally be entitled to simply to resolve the situation more quickly.

This could well be the best option for you — however, it may not be. To ensure you make the right decision, we encourage you to contact our trusted team for clear, tailored advice.

Need Legal Advice?

If you are going through a separation and would like a legal expert to guide you to entering an Agreement that is right for you, please get in touch with our team and we will point you in the right direction.