A separation agreement in Scotland is often a useful document as during separation most couples want to initiate some discussion in relation to the division of the marital assets, or have put in writing what has already been agreed between them. Either way, your solicitor is likely to recommend entering into a Separation Agreement. So, what is a Separation Agreement in Scotland and what needs to be agreed before one is entered into?

What is a Separation Agreement?

Sometimes referred to as a 'Minute of Agreement', a Separation Agreement is a contract or written agreement entered into between two people who have separated. It sets out what is to happen with the various items of matrimonial property, such as money and assets; including pensions, investments or shares. As well as who is to be responsible for any existing debts; including mortgages, credit cards or hire-purchase agreements.

What is 'matrimonial property'?

This comprises all assets acquired by either or both of the parties during the marriage, and held at the date of their separation. However, as a general rule, any assets acquired by gift or inheritance from a third party will not form matrimonial property.

What is the 'date of separation'?

The date of separation or 'relevant date' as it is often referred to, is not always easily identified, or agreed upon. It is the date on which a couple ceased to live together as husband and wife. By definition, therefore, a couple can both continue to reside in the family home but be considered 'separated' in law. Establishing, or agreeing upon a date of separation is extremely important as it provides the date on which all assets and liabilities will be valued, and this value will then be used in the parties discussions with a view to agreeing overall division or settlement.

It is important that both parties have taken (or have had the opportunity to take) their own legal advice prior to signing a Separation Agreement. Even if matters have been agreed between you, one solicitor cannot represent both parties? interests.

If you'd like to discuss your personal circumstances in more detail with an experienced family lawyer, please contact us we have offices in Edinburgh and Glasgow.