Not sure if this helps, but typical divorce settlement agreements include the following:
-Language about going separate ways, living independently, one can't encumber the other.
-Custody of children and parenting schedule (google "sample parenting plan"). I have a good template if you want to PM me. What about holidays? Where will the kids be on holidays (xmas, thanksgiving, etc.) What about other holidays? What about parent birthdays, kids birthdays? School vacations, who has the kids? Separate vacations? What days will the kids be with which parent? Week to week? 3 days with one parent, then back to the other parent? Who makes decisions for the kids? There's a lot that goes into a parenting plan.
-Medical insurance, especially for the kids. Who will carry it? Who will cover co-pays? What about medical issues not covered by insurance (unreimbursable charges). Usually whoever has the cheaper insurance through employer carries it for the kids.
-Alimony and child support. I know you are not married, but will one person be paying the other until the kids are 18 or beyond.
-Division of real estate.
-Division of other property (cars, cherished items, jewelry, etc.)
-Life insurance. Will you both maintain a policy and name the other as beneficiary?
-College planning. Are you contributing to college savings, who will pay for higher education?
-Retirement accounts. Married folks may have a QDRO (qualified domestic relations order) which divides retirement assets so they are equal (or whatever the court decides is "equal"). If not, maybe state that retirement assets are your own and will not be divided.
-Tax matters, who gets the mortgage deduction, who gets the child credit (one child=alternate years?). How will current taxes be filed? Again, not married so I assume married filing jointly was never an option.
-Debts and liabilities. Who is responsible?
-What happens to any joint accounts?
-What happens to any other brokerage, savings, checking accounts?
-What about life insurance on the kids? Or other accounts for the kids. Who will be responsible for what?
My state has a template divorce agreement that covers all of these items. Maybe check the family court system website in your state for information related to divorce. I know your not divorcing but it may provide appropriate guidance.
Please, I can't stress this enough. I am not an attorney and this should not be construed as legal advice. However, I have read divorce agreements and these are the items that I usually see in them including my own.
Your best bet may be to seek legal advice from an attorney.
[This message edited by DanielJK at 7:01 AM, March 31st (Wednesday)]