This section names the minor children the couple shares and outlines a physical custody schedule – who will the kids live with or how is custody split. One of the most important elements of the separation agreement is the custody section. The separation agreement lists bank accounts and credit cards, identifying which, if any, will be shared. It is up to the parties to decide if marital funds will be used for bills. The separation agreement will also outline who pays the bills and with what money those bills will be paid. This is important in determining if the accumulation of assets during the separation become marital property or not.
You want the separation agreement to state the date of the separation. Think of it as a contract between you and your spouse about the terms of the separation. When you separate, it is a good idea to create a separation agreement that outlines key details about the separation.