Separation
Separation, whether you are married or common law, can be a very stressful and disruptive life event for every member of a family. As the family takes on divided living arrangements, there are issues that need to be resolved. Some issues may already be dealt with if the parties previously signed a cohabitation agreement or marriage contract.
Due to financial restraints, partners may choose to continue living separate and apart under the same roof until issues are resolved. Sometimes one party may voluntarily leave the home. Sometimes one party may seek an order for possession of the home. Regardless of whether you remain in the same home, or live in two separate homes, your date of separation is the date you stop living together as spouses.
Depending on your circumstances, issues that may need to be addressed are:
Who is responsible for which debts.
Who is keeping which household items and vehicles.
Will one party keep the home or will it be sold.
Can the party, wishing to stay in the home, get mortgage approval to have the other party's obligations under the mortgage removed and to obtain any equalization payment that will need to be paid to the other party.
Will pensions be divided.
Is there an equalization payment owing from one party to the other as a result of how the assets and debts are being divided.
Who will have care of the children and when and what will the parenting arrangements look like.
Will there be child support paid and who will contribute to the children's special expenses for such things as daycare, extracurricular activities and post-secondary education.
Will there be spousal support paid and will it be paid in monthly payments, which are tax-deductible to the payor and considered income to the payee, or lump sum, which is not tax deductible or claimed as income.
If one party has high medical costs, which are covered under the other party's health insurance policy, information should be obtained as to how long that party can continue to be covered under that policy.
It is important that you speak with a lawyer so you know your rights and have the terms of settlement incorporated in a separation agreement. Having your separation agreement prepared by a lawyer will also ensure the wording and signing of the agreement are done in a legal manner. If the parties proceed to divorce at a later date, the terms of the separation agreement can be incorporated into the terms of the final order. If matters cannot be agreed to, an application can be made to court.
