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If on the breakdown of your marriage you are either unwilling or unable to obtain a divorce immediately or at all it may be appropriate to prepare a Separation Agreement. This could be for religious reasons or because you do not have the ground for divorce at separation and need to wait for the required period of two or five years. You may wish to have time apart from your spouse without taking matters as far as divorce proceedings.
A Separation Agreement regulates the Terms of the Separation with your spouse. It can cover matters such as who pays the mortgage, living arrangements, maintenance and how property and finances will be resolved once divorce proceedings are eventually instigated.
If both parties have undertaken full and frank financial disclosure regarding their financial position and assets and have received independent legal advice then the Court is likely to view the Separation Agreement as one of the factors it should consider when dealing with the matrimonial finances on divorce. However there is no guarantee that the Court will hold the parties to the Agreement if their financial positions have changed significantly or the Court feels that the terms are unfair.