What belongs in a separation agreement

A well-drafted separation agreement is the least expensive good outcome available in family law. It resolves matters privately, on your terms, without a judge who has known your family for forty minutes.

What it should cover

• Parenting time and decision-making, including holidays and travel
• Child support, section 7 expenses and how they are shared
• Spousal support: amount, duration and any review conditions
• Division of property and the equalization payment
• The matrimonial home — sale, buyout or retention
• Pensions, RRSPs and investment accounts
• Debts and who is responsible for them
• Life insurance securing support obligations
• How future disputes will be resolved

What makes it durable

Independent legal advice for both parties, complete disclosure, and language specific enough that it still makes sense in five years. Vague terms create fresh arguments — 'reasonable notice' means one thing to each party until a dispute forces a definition.

When it can be set aside

Where a party failed to disclose significant assets or debts, did not understand what they were signing, or signed under duress. Courts may also set aside terms that are unconscionable when enforcement is sought.