The fear of being handed severance papers has flooded the minds of many hard working individuals, and for good reason. There’s the fear of money that plays a big role, as well as the new need to find another means of employment, and where life takes them afterward. If you’re thinking about signing a severance agreement, or are faced with the reality of parting ways with your employer, here are a few things you’ll need an attorney for.
- Owed money is a big deal. If you’ve been allocated vacation time or expenses that have not been reimbursed, your employer is obligated to pay these to you. This is true whether a severance agreement has been signed or not. If however one is signed, the employer must designate a date in which it is to be paid by.
- Benefits are very important. Nobody wants to be left without coverage. Under the COBRA law, a severance agreement should outline what. if any, benefits are to be continued after separation. This includes being able to stay under the health insurance plan of the provider.
- Sensitive information is something to note. In many severance agreements, it states that former employees are not allowed to use proprietary information in their future work. While many people choose to stay in similar fields, this is something that should be hashed out and determined by an attorney who can look over the documents.
Severance agreements can often be full of twists, turns, and terminology not recognized by the average worker. Because of this, it’s important to speak with your attorney before signing anything you don’t fully understand. Not only will this benefit you in the short term, but it can have a lasting effect on your long term career as well.