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Don't sign a severance agreement without considering your options

Lots of people have had to deal with being laid off, but it doesn't have to be without its rewards. If your employment is terminated, you could be asked to sign a severance agreement, which is a contract that releases the employee and protects the company against claims the employee could make.

Severance agreements are beneficial to companies looking to get rid of employees, because they pay out a set amount of money and have paperwork to prevent a lawsuit. However, employees don't have to sign this paperwork without suggesting or requesting changes be made.

When you get offered a severance agreement, does it cover all the losses you're going to deal with? Are your wages covered for long enough for you to get a new job? What about supporting your family; have you had little to no notice about being laid off, and now won't have enough money to support your family while looking for work? These are questions you need to ask and have answered.

Our website has information about severance agreements and what they entail. Before you sign one, make sure you aren't getting one that doesn't take your needs into consideration. Once that paperwork is signed, it's very difficult, and often impossible, to get any more compensation. You can give your contract and severance agreement to an attorney to look over, and with the right information, you can decide what a fair severance would be and resubmit it to your company. You have the right to do this, and it could result in you getting more money and exactly what you deserve for your time and effort.

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