There are a number of benefits for partners doing their own financial Separation Agreement. Separation agreements can save partners considerable cost, time and can give both persons more control over how finances are divided, the assignment of child care responsibilities and even how spousal support is agreed.
If partners can agree on these issues, then they can finalize a separation agreement at a great financial saving. If partners cannot agree and solicitors are involved in the process, there are substantial costs and legal time involved in negotiations between both partners’ solicitors.
If a separation agreement still cannot be reached the cost will increase even more, with court fees and the time it will take to resolve. In many cases, the court will require both proof of an attempt to settle a financial separation agreement as well as the likelihood of requiring partners to attend mediation to try to resolve their issues.
Further benefits of a Separation Agreement …
Any agreement made in mediation will need to be approved by the court and will be then be public information, which is in contrast to a financial separation agreement which remains private between the partners and where it does not have any involvement with the courts.
Apart from the privacy aspect, a further benefit of a separation agreement is the savings on stamp duty and capital gains tax for any property transferred between partners after finalization of a separation agreement. This point emphasizes further benefits of entering into a separation agreement.
In addition, not only do separation agreements cover financial aspects of separation but also they can include decisions concerning spousal support and matters dealing with children. This can mean that an “all in one” approach to finalization of affairs between two parties will result in substantial cost, time and emotional benefits.