The Separation Financial Agreement serves as a comprehensive financial settlement document for separating couples in England and Wales. It is typically used when parties wish to formalize their financial arrangements without immediately proceeding to divorce, or as part of divorce proceedings. The agreement covers all aspects of the couple's financial affairs, including property division, savings, investments, pensions, and ongoing maintenance obligations. It must be drafted in compliance with relevant legislation, particularly the Matrimonial Causes Act 1973, and requires full and frank financial disclosure from both parties. While not automatically binding on courts, a properly executed Separation Financial Agreement carries significant weight in subsequent legal proceedings.
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1. Parties: Identification and details of both parties to the agreement
2. Background: History of relationship and current situation
3. Definitions: Key terms used throughout the agreement
4. Financial Disclosure: Statement of full and frank disclosure by both parties
5. Division of Assets: Agreed split of matrimonial assets
6. Maintenance Arrangements: Details of any ongoing financial support
1. Child Arrangements: Financial arrangements and provisions relating to dependent children under 18
2. Pension Sharing: Details of pension division and technical arrangements for splitting pension assets
3. Business Interests: Arrangements regarding division or handling of business assets and interests
4. Foreign Assets: Treatment and division of overseas property and assets
1. Schedule of Assets: Complete list of matrimonial assets and their agreed values
2. Schedule of Liabilities: List of all debts and financial obligations of both parties
3. Financial Disclosure Forms: Detailed financial statements and supporting documentation from both parties
4. Property Transfer Instructions: Specific instructions and timeline for transfer of property ownership
5. Pension Sharing Annexes: Technical details and instructions for implementing pension sharing arrangements
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