separation agreement

separation agreement

n. an agreement between two married people who have agreed to live apart for an unspecified period of time, perhaps forever. The agreement generally covers any alimony (money paid for spousal support), child support, custody arrangements if there are children, payment of bills, and management of separate bank accounts. A separation agreement may determine division of property if the separation appears permanent. It cannot be enforced by court order unless one party files a petition for legal separation or files a lawsuit for specific performance of a contract. If the couple reconciles, the separation agreement is voidable (can be cancelled) by the parties. However, most separation agreements are interim agreements to serve between the time of separation and the eventual divorce of the parties. (See: divorce, separation, legal separation)

References in periodicals archive ?
LUNENBURG - The town has paid the former chief administrative and financial officer $28,984 as part of a separation agreement that allowed him to resign from office 10 months before his contract expired.
Prior to the divorce, however, they had entered into a separation agreement that provided, in part,
Claims for the unassigned debts to a spouse, former spouse or child of the debtor pursuant to alimony, maintenance or support of those individuals in connection with a separation agreement, divorce decree or other court order.
Auto Parts disclosed in a regulatory filing this morning that on October 5, the company and Chief Executive Officer Aaron Coleman entered into a separation agreement. Coleman has resigned as CEO and Director to pursue other interests, U.S.
As part of the separation agreement, the town would receive right of first refusal on the church building should it ever be sold, and also would keep the church clock.
These could be calculating a stock's basis; helping determine the basis of an asset that is sold; reviewing a divorce or separation agreement and determining taxable alimony; or calculating a net operating loss deduction.
2002-22, which provides guidance on the tax consequences when nonstatutory stock options and nonqualified deferred compensation are transferred between spouses pursuant to a divorce or separation agreement. Although such compensatory benefits may constitute a significant portion of the marital estate of divorcing taxpayers who are participants in such plans, properly anticipating the tax consequences of the division and later payment of these benefits has been difficult.
Therefore, pursuant to the Master Separation Agreement entered into by Altice NV and Altice USA in connection with the Separation, the board of directors of Altice NV waived this condition.
Upon closing of the transaction, WPCS will settle the purchase price with Turquino by applying the net after tax severance balance due to Hidalgo under his separation agreement, as partial payment towards the purchase price of the Australia operations.
The separation agreement did not specify the allocation of payments between alimony to Gilbert and child support.
1041, if the divorce or separation agreement requires the transfer, the transfer is pursuant to a request of the other spouse or the other spouse consents in writing to the transfer.
The purpose of the Voting Agreements is to facilitate the consummation of the transactions contemplated by the Merger Agreement and the Separation Agreement. On May 20, 2018, GE (GE) entered into definitive agreements with Wabtec (WAB), Transportation Systems Holdings Inc., a newly formed wholly owned subsidiary of GE, Wabtec US Rail Holdings, Inc., a newly formed wholly owned subsidiary of Wabtec and Wabtec US Rail, Inc., a wholly owned subsidiary of Wabtec, pursuant to which Wabtec and GE's transportation business will be combined.