From a legal perspective and in terms of family law, separation is distinct from divorce. In a separation, you and your partner will often sign a separation agreement between the two of you. This agreement will stipulate on the financial arrangements to be made between you, as well as matters concerning child custody and property management, and is a document that is known as Consent Orders and is approved by the court.
Ultimately, if the court does not approve the Consent Orders for any reason, the parties can decide to enter a Binding Financial Agreement. This is signed by the parties in front of their lawyers and has the same affect as Consent Orders.