KITCHEN TABLE AGREEMENT

What is a Kitchen Table Agreement?

As the name suggests, a kitchen table agreement is where you and your partner sit down and decide together how to divide your assets and debts. A kitchen table agreement is cost-effective because you and your partner reach a settlement yourselves without the help of lawyers and/or a Mediator.

Pros and Cons of a Kitchen Table Agreement:

THE PROS:

• Cost-effective
• Flexible in terms of time
• You are in control of the process

 

THE CONS:

• The settlement terms may not be fair
• Without legal advice, you might not be aware of all of your options or may not have considered all of your options
• Division of some assets such as Pension plans and Cryptocurrencies are tricky
• Your spouse may be a stronger negotiator or there may be a power imbalance

 

Kitchen table agreements are tempting because you save money on legal fees by reaching a settlement yourselves. It may not be the best outcome for you and your family. Also, just because you are happy with your kitchen table agreement and you both think it’s fair, if you deviate from the law, it can be set aside (partially or entirely). Are you sure you understand all of your options? Have you thought about how your kitchen table agreement will affect you and your children in 5 years or 10 years down the line? Your Separation is a big deal with long-lasting consequences. It’s best to make sure you get it right.

Keep in mind that you will still be required to have the terms of your settlement formalized in the form of a Separation Agreement that is prepared properly by a lawyer so that it will be binding and enforceable. If you have financially dependent children, the Court will not grant you a Divorce Order without a proper Separation Agreement that covers the parenting plan, and child support in accordance to your incomes pursuant to the Federal Child Support Guidelines.

We can provide one of you (not both of you) with Independent Legal Advice and with the preparation of the Separation Agreement. We will not pick your Kitchen Table Agreement apart or create tension for you and your ex-partner. We will let you know if we think a Court would have concerns about anything you or your ex-partner have agreed to, and make appropriate recommendations to keep as close to your global settlement as possible.