A Separation agreement is actually a legal document used by partners or spouses for the division of responsibilities and assets while preparing for a divorce or separation. Typically, it is submitted to the court prior to the divorce proceedings. There are some key elements that are common to all legal separation documents and you should find out about these:

Transfer of liabilities and assets

Owners need to mention all the liabilities and assets in the agreement and determine their value. Then, the separation agreement will divide all of these between the spouses. In a few states, a debt that is obtained during marriage is regarded as shared debt, and will have to be paid off by both spouses unless one of them gives his or her consent to undertake full liability for the same.

Indemnity agreement

It is also referred to as a Hold Harmless Provision and is used typically in reference to date payment. The party who creates the indemnity is referred to as the inseminator while the party who obtains the indemnity is referred to as the indemnities.

Custody

A separation agreement in North Carolina form should also mention the terms of custody of children of the spouses. At the time of separation, one spouse can choose to have shared custody or complete custody of the children. In those cases where one partner is found to be unfit to deal with parental responsibilities, he or she loses the custody of kids, although they he / she can still negotiate and get rights to visitation. The separation agreement must outline this kind of arrangement.

Power of attorney

Generally, the power of attorney is offered by each spouse to the other at the time of marriage. This means that each of them undertake legal liability for the other, if either of them gets mentally incapable or loses mental faculties due to some reason. During a divorce, such a liability generally gets lost. However, in case spouses are in good terms with each other and want to continue their status of power of attorney, they might mention that in the separation agreement form.