A Separation Agreement (often referred to as a Separation Agreement and Property Settlement Agreement) is a contract between a husband and wife that can resolve some or all of the issues arising out of the marriage, including division of property, division of assets and debts, alimony or spousal support, child support, child custody, and other matters.
In situations where the parties are amicable and can agree or are at least willing to work together to negotiate an agreement, a separation agreement can save substantial expense and time when compared to litigating these matters in court. In addition, you get to handle your matter privately and exercise a greater degree of control over the provisions of the agreement, such as how property is divided, the length of time spousal support is paid, or the terms of custody and visitation of the children.