What is the difference between a dissolution and a divorce? In a divorce, the spouses are unable to agree on issues such as child support, property di...

Q: What is a Separation Agreement?

Any couple going through dissolution in Ohio is required to have a Separation Agreement. This is essentially a legally binding contract between two parties that mainly sets out all the assets and liabilities of the case.

Assets are things like vehicles, stocks, and bonds, real estate, retirement or profit-sharing plans, jewelry, household furnishings or pretty much anything else valued over $500. Liabilities are another part of the separation agreement and usually consist of credit card debt, mortgages, and student loans.

To file this agreement with the court, it's required that both parties agree on every issue outlined in the Separation Agreement. Assets must be divided and who is responsible for which debts need to be clarified. Any spousal support will also be included in this agreement.

A divorce that we think of as “traditional” involves both parties separately hiring their attorneys to represent their best interests. This often happens when both of the parties are unable to agree on issues like property division, child custody, or child and/or spousal support.

Depending on the issues to be decided, a traditional divorce can take the longest time of any type of divorce to be finalized. In especially contentious cases, hiring an attorney is a good idea since each lawyer can present his or her client’s interests to the court.