It is becoming increasingly common for couples to prepare an agreement prior to entering into a relationship. For married couples, this is a Pre-nuptial agreement and for cohabiting couples a Cohabitation agreement is often prepared. This carefully stipulates the assets held by the parties individually and solely and stipulates what should happen to these items should the parties separate.
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A separation agreement is prepared once the relationship has come to an end and drafted where there is nothing in place to stipulate how the assets will be split. These agreements are contractually binding and so it is important that they are drafted correctly to prevent either party questioning its validity in the future.