A separation agreement, once signed, is a binding contract, between a husband and a wife. A separation agreement should probably cover, at a minimum, the distribution of debts, the distribution of assets, the custody and care of the children, and support payments. A separation agreement must be in writing, signed by both parties, and notarized. If you divorce, this agreement will become part of your divorce judgment.
A separation agreement that has been put in writing, signed by both parties and accepted by the court allows a couple to avoid going to trial on some or all of the issues relating to the division of property, custody of children, alimony and child support. If the couple is unable to agree on any of these issues, they will go to court and the judge will make the decision. A separation agreement should be the product of much negotiation and disclosure. It is a binding contract and may last forever so it must be reviewed with great caution.
For states that recognize separation agreements, the agreement can often be converted into a divorce decree. Courts will generally approve a couple's negotiated separation agreement as a final resolution of their financial and custodial conflicts. Depending on state law, there may be additional requirements for a separation agreement to convert into a divorce decree. A court can invalidate a separation agreement in whole or in part, even if the document was executed in compliance with state regulations. Unfair dealings such as hiding assets, fraud or unduly pressuring one of the parties can give a court with grounds to refuse to approve a separation agreement or to invalidate the underlying separation agreement in a divorce decree.