3 Costly Mistakes To Avoid With Separation Agreements

Separation agreements are legally binding, and that is why you want to make sure you get it right with both the negotiation of terms and the drafting of the final agreement. Unfortunately, there are a few common mistakes, which may cost you a lot down the road.

Here is a look at some of the top errors when it comes to drafting separation agreements.

1. Doing It Yourself

Most people rush to go online and find a template or kit that they can use to create their separation agreement because it seems like a cost-saver, as they will avoid the cost of hiring family lawyers. Unfortunately, these kits and templates do not cover everything there is to include, especially those small yet crucial details.

Unfortunately, you may end up spending much more getting a family lawyer on board later on to fix your agreements. In this sense, it's cheaper to start off with help from a family lawyer.

2. Failing To Make A Full And Frank Disclosure

It is required of both parties that you make a full disclosure of your financial affairs. If you choose to hide assets and this concealment becomes known, it can stall your separation or divorce hearings. Even if it takes time for this knowledge to come to light, the other party can challenge the agreement, and a family law court will more than likely nullify your initial agreement.

Either way, you will be forced to go back to the drawing board, which is an unnecessary waste of time and other resources.

3. Acting Without Seeking Legal Counsel

As already highlighted, you need a family law expert in your corner and cannot afford to go at it alone. However, there may come a time when you are presented with some documents, or the other party proposes some terms outside of your meetings with a family lawyer. What should you do?

It would be a grave mistake to agree to or sign anything without running it by your lawyer first. A family lawyer can help you get a better understanding of the legal implications of these terms, helping you make an informed decision.

The best thing you can do is to get experienced family lawyers involved from the outset as you try and establish a separation agreement that is agreeable to both parties. The mistakes highlighted, among others, will only cost you a lot of time and money.