If you`re going through a separation or divorce, there are many legal aspects you need to consider. One of them is a separation agreement, which can be a valuable tool to help you and your spouse navigate the division of assets and property.
An important aspect of separation agreements is the inclusion of an “orc,” which stands for “ongoing release and covenant.” This clause protects both parties from future legal action related to the separation agreement.
Simply put, the orc states that once the separation agreement is signed and executed, both parties agree to release all claims against each other related to the agreement. This means that neither party can file a lawsuit or take legal action against the other regarding any issues covered in the agreement.
The orc also includes a covenant, which is a promise to refrain from certain actions. In this case, the covenant states that both parties agree not to engage in behavior that would violate the terms of the agreement.
For example, if the separation agreement includes a clause stating that one party will pay spousal support to the other, the covenant would prohibit the paying party from failing to make those payments. If they do, the other party could take legal action against them.
Including an orc in your separation agreement is an essential step to protect both parties from future legal action. It ensures that once the agreement is signed and executed, each party can move forward with the assurance that the other cannot take legal action against them related to the agreement.
To ensure your separation agreement is legally sound and includes an effective orc, it`s essential to work with an experienced family law attorney. They can help you navigate the legal complexities of separation agreements, ensuring that your rights and interests are protected.