Separation, informal, what should I get in writing?

TBagpuss

you need any spearation agreement to be propertly drawn up - they are not legally binding but it you ensure that you both provide full disclosure and both get legal advice then it would be taken into account any in a]later dispute.

the sorts of things you need to be discussing and agreeing upon are:

- when / in what circumstances will the house be sold? - e.g. When the youngest child leaves school / if your wife remarries or cohabits / if you serve notice that you want the house to be sold
- What interest will you each have in the house?
- What will each of you be responsible for - for instance, it may be easy to agree on how you will divide the mortgage costs, and that your wife will pay utility bills etc, but what about buildings insurance, any repairs,redecoration?
- What will happen if your wife wishes to move house while the children are still dependent? Would she be able to use the equity to buy a new house, to be sold / split later, or would you expect her to buy you out then.
- How will the contribution you make change in future - for instance if your wife's income rises, or if your income or outgoings change?
- Will the contributions you make change if there are changes to the arrangements for the children?

You also need to consider whether there are any other assets, such as pensions, which need to be considered, and what your and your wife's financial positions will be in future - for instance, your incomes now may be similar, but are your wife's earnings likely to keep pace with yours in future, as she is able to increase her hours as the children get older, or is she only going to have a similar income because of the tax credits?