Separation Agreements

The vast majority of separating couples are able to resolve issues of  custody, support and property division through private settlement.   The settlement agreement is usually set forth in a contract, commonly referred to as a "Separation Agreement." 

Settlement is preferable in almost every case for any number of reasons. It is less costly, both financially and emotionally.  Divorce -- even without litigation -- is already a major emotional stress on any family. The changes in family living arrangements alone usually causes temporary adjustment problems for most people.  Many people feel overwhelmed by the litigation process which usually includes a burdensome discovery process of sharing written documents and answering written or oral questions, the selection and interviews of potential witnesses, and all the anxiety of formal court proceedings.

The cost of litigation can also be overwhelming.  Litigation takes a lot of time and the billable hours add up quickly.  At an hourly rate of $200.00 per hour, on average, litigation costs can spiral out of control long before the case is resolved, sometimes depleting the lions share of the family's financial resources.

Just as important as minimizing emotional and financial stresses, settlement can be custom-tailored to a family's interests and needs in a way that may not occur should a court decide your case. A judge cannot  possibly understand the details and intricacies of your family situation from the evidence allowed to be presented at trial. More importantly, judges are constrained by the statutes and rulings of higher courts in other cases and cannot impose the creative solutions that you, your spouse and your respective attorneys might devise to specifically suit your particular situation.

In order to negotiate and prepare a separation agreement and property settlement, you should gather the following information and documentation:

For all cases:
.  Pre-marital, post-nuptial, or separation agreements entered into with your spouse.
.  Court orders related to you or your spouse.

For cases involving child support, postseparation support, or alimony:
.  Proof of income - for the past 3 months, including:
    - Pay stubs
    - Pay and expense vouchers
    - Employee benefits statements
    - Stock option statements
    - Company financial statements
    - Tax returns and/or Form 1040, Schedule "C" if self-employed or employed by closely-held corporation.
.  Account Statements - for the past 3 months:
    - Bank accounts
    - Brokerage accounts
    - All other financial institutions for which you are an authorized signer.
.  Current debts - statements showing amounts owed and terms of payment.
.  Federal tax returns - filed by you or for you, including all schedules nd attachments (W-2, 1099, etc. and all year-end tax documents (W-2, 1098, 1099, etc) for five years including the most recent tax year if that return has not yet been filed.
.  Personal financial or net worth statements - you gave to anyone within the past 2 years.
.  Support amounts you currently pay, including child support, postseparation support or alimony.
.  Work-related daycare costs - documents showing monthly amounts you pay.

For cases involving equitable distribution of property:
.        A list of assets and liabilities., and the value or balance of each as of the date of separation
.  Titles to Personal Property - copies of title to personal property (cars, boats, trailers, etc.) owned by you or your spouse during the six months prior to the date of separation.
.  Deeds - any deeds, deeds of trust and any amortization schedules in connection with any real property owned by you or your spouse.
.  Mortgages and loans - statements showing current mortgage or loan balances and balance on the date of separation from your spouse.  Also, any refinancing or appraisal documents.
.  Business Financial Statements - If you or your spouse own a business, copies of all balance sheets, profit-loss statements, and cash flow analyses completed within the last five years, as well as all state and federal tax returns, complete with all schedules, filed within the last five years. Additionally, copies of any Articles of Incorporation, shareholder agreements, or partnership agreements.
    - Account Balances - copies of statements from any and all financial institutions showing current balances and those showing date of separation balances for bank accounts, money market accounts, IRA's, brokerage accounts, and any other investments.  Also, provide all monthly checking account statements and copies of cancelled checks for the year prior to the date of separation to the present date.
    - Credit card statements of you and your spouse from the year prior to separation date.
.  Lease Agreements - copies of any and all lease agreements in effect as of the date of separation.
.  Stocks & Bonds - copies of any and all stock certificates and /or bonds in your name or your spouse's name as of the date of separation.  Also, please provide any documentation as to the current value of the stock and / or bonds and value on of the date of separation.
.  Life Insurance Policies - documentation showing the name of the insurance company, face amount of the policy, cash surrender value, policy number, owner, beneficiary, premiums and any terms or conditions of the policy.
.  Burial Plots - copies of any documentation relating to any burial plots owned by you or your spouse.
.  Employment Benefits - documentation of any and all benefits either vested or non-vested which resulted from you or your spouse's employment during the marriage, including by not limited to: retirement plans, ESOP, 401(k) plans, long term savings plans, stock options.  Please also provide a copy of any pension plan handbooks.
.  Employment Contracts - copies of any and all employment contracts and / or consulting contracts.
.  Promissory notes involving you or your spouse.

If we can assist you with a separation, divorce, alimony, child custody or other family law matter, please click here.