Parting ways with your longtime employer does not necessarily mean your income from that employer ends with your employment. A severance package often makes it possible for a valued worker to part ways with no animosity.nnA severance agreement usually includes specific legal agreements that stipulate that, in exchange for accepting the severance package, the former employee cannot make negative comments about their former employer. Accepting the severance also usually means giving up any right to sue the former employer for any reason.