A separation agreement typically covers where each spouse will live, the amount of spousal support that you or your spouse will pay, and who will pay which bills both during and after divorce. If you have children with your spouse, a separation agreement may also cover the custody arrangement, visitation schedules, child support, and other additional costs for children. Separation agreements also cover what will happen to any property that you and your spouse own, such as a home, car, or other personal property. Finally, these agreements can also cover how your pension and other retirement accounts, such as a 401(k)s, will be divided.