You and your spouse are going your separate ways. You will need a separation agreement prepared to document how you are handling issues like property division, support, and parenting. Here are three reasons you need a separation agreement:
Clarity: Both of you will know what you are supposed to do; what each person’s rights and responsibilities are going forward. If there are disputes, the separation agreement will help resolve them, either by telling you what the answer is, or how the dispute should be resolved if you can’t agree.
Certainty: Each of you can rest easy knowing that the potential legal claims you had against each other are resolved.
For third parties: Lenders such as banks often need to see separation agreements; for example, in order to see what income a potential borrower will be paying or receiving as support from a former spouse.