Severance agreements in New Jersey often require a thorough understanding. These agreements should be adequately understood since they can have some impact on your life and career. If you want to understand the severance agreement, seek assistance from New Jersey injury lawyers at Sattiraju & Tharney, LLP. With their help, you can easily comprehend severance agreements and what you should do.
Understand severance agreements
A severance agreement is a contract between an employee and an employer that states that if the employee is terminated, he/she will be compensated with an amount of money for not suing the employer or company for wrongful termination or other reasons.
What do severance agreements mean?
1. Financial settlement
Severance agreements include a fixed amount of money for the terminated employee. This compensation is settled according to the company’s policies, monthly salary, or duration of work.
2. External benefits
Severance agreements also provide some external benefits for the terminated employee, like monthly bonuses and assistance with job replacements until you get it.
This will also include some other benefits according to the company policies.
3. Confidentiality clauses
This term mainly benefits the employer. If the employee signs the severance agreements, then he/she cannot disclose this agreement to any other firm. Likewise, once the employee has signed the agreement, therefore, he/she cannot sue or make any allegation against the employer.
What you should do:
1. Hire the best employment attorney.
When it comes to severance agreements, the first thing you must do is hire the best employment attorney with a good track record and experience with your type of case. With the help of your employment attorney, you can easily sign the severance agreements with peace of mind because you know that you are doing it according to the legal options.
2. Review the agreement
You must understand every term clearly; therefore, read the agreement thoroughly, and if you do not understand any term or condition, whether it is helpful for you or not, do not hesitate to seek help and advice from your employment attorney.
3. Negotiate to your terms.
After reviewing the agreement, if you do not find its terms and conditions according to your terms, let your attorney negotiate on your behalf because you must think about your future and career. Moreover, do not forget the tax implications either. Your severance pay must be planned according to the tax you have to pay to the government.
Contact your employment attorney today!
When it comes to going through severance agreements, make sure you go through it with the help of your legal representative.
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