When going through a divorce, you and your spouse may create a separation agreement. A separation agreement details how the assets and debts accumulated during the marriage will be divided upon the divorce. Separation agreements include all assets and debts acquired during the marriage, regardless of how the asset or debt is titled.
While a basic separation agreement can be found on the Colorado State Court website, the basic agreement does not cover issues that may cause conflict down the road. Although not every issue can be predicted, the best separation agreements consider and address all the most common issues that tend to arise. When the separation agreement addresses these foreseeable issues, the parties know exactly how to handle the situation and conflict is avoided. Without a comprehensive separation agreement, the ex-spouses often end up back in court, which is both time-consuming and expensive.
When drafting a separation agreement, there are several things to consider. Although not exhaustive, below is a list of some of the most common issues spouses should consider and include in a separation agreement.
- Personal property
- Real estate
- Bank accounts
- Retirement accounts
- Business interests
- Health and dental insurance
If the parties can come to an agreement, having a comprehensive separation agreement that covers these topics will help the parties move forward and avoid future conflict.
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Lauren Lester is a Denver affordable family law and estate planning attorney licensed in Colorado.