Do I Need a Separation Agreement in New Jersey?
When a married couple decides that something is not working in their relationship but they are not quite ready to file for divorce, they may decide to separate. A separation could be based on anything from irreconcilable differences to fault-based or other personal reasons. An important document that can help the couple manage their financial and legal issues during this time is a separation agreement. If you and your spouse are separating in New Jersey, it is important that you understand what a separation agreement is and whether you need to draft one. Continue reading and consult with a Morristown, NJ family agreement attorney for more information today.
What is a Separation Agreement?
A separation agreement is a legally binding contract made between two spouses who have decided to live separately but are not filing for divorce just yet. The document outlines the terms of the couple’s separation to ensure there are no disputes or misunderstandings later on.
Issues that can be addressed in a separation agreement generally include the following.
- The division of assets: The agreement should outline how marital property and assets will be divided between the parties. This includes the right to joint bank accounts, homes, real estate, retirement accounts, investments, and more.
- The division of debts: It must also include how financial obligations and debts incurred during the marriage will be allocated between the spouses, such as mortgages, credit cards, and other loans.
- Spousal support: Depending on the details of the relationship, one spouse may be required to pay the other alimony or spousal support during the separation period. The separation agreement should stipulate which spouse owes, how much they must pay, the terms of the payments, and the duration.
- Child custody: If the couple shares minor children then it is also important to detail which parent is the custodial parent and the visitation rights of the other.
- Child support: The noncustodial parent will likely be required to pay child support during this time, so the agreement should state the terms and amount of the payments.
- Health insurance: Most spouses are on the same health insurance plan through one party’s work. The contract should outline whether the other spouse and children will remain on the policy or if any changes are to be made.
Do I Need a Separation Agreement in NJ?
Unlike some states, New Jersey does not recognize or have a formal process for legal separation. This means that couples do not need to file any documents with the court to be considered separated, they can simply make the arrangements on their own.
Because of this, you do not technically need a separation agreement in New Jersey. However, many couples choose to draft one anyway as they offer significant benefits like financial protection, clarity, protection of your rights, and a way to avoid future legal disputes.
Reach out to a skilled family lawyer to discuss your situation and learn whether a separation agreement is right for you.
