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Should I Accept a Severance Agreement?

Should I Accept a Severance Agreement?

If you’ve been terminated from your job, you are likely feeling confused as your financial security is pulled out from under you. Some companies offer a severance agreement to provide employees with benefits after termination. However, it’s important to take a closer look at your severance package rather than simply accepting it at face value. Many of these agreements have legally-binding provisions within the fine lines, and these aren’t always immediately evident. 

Before you accept the severance agreement, review the document with a knowledgeable attorney. Marshall Forman & Schlein LLC is committed to protecting employees’ rights. We are available to evaluate your severance agreement and help you uncover the finer details. 

Avoid Rushing Into the Agreement

Companies usually expect employees to sign the agreement as quickly as possible, particularly if it contains provisions that will prevent you from taking action against them. Avoid giving into external pressure, however. While it’s understandable to be concerned about receiving the payments right away, signing the agreement may forfeit certain rights before you consider the potential ramifications. Employees are granted by law to have at least 21 days to sign a severance agreement. During this time, we recommend reviewing the details with our experienced lawyers before deciding. 

Identify Potential Consequences of Signing the Agreement

The time after being terminated from your job is often emotional. After providing yourself with the chance to calm down, it’s time to assess your agreement and look for potential red flags. Some companies may include noncompete clauses in the severance agreement, which may limit your future professional endeavors. Additionally, employers may add clauses that protect their company from action against them, such as if you believe you were wrongfully terminated or subject to unfair treatment. In other cases, the company may attempt to secure your support through the transition, such as requiring you to answer questions or provide assistance. Our attorneys are familiar with these provisions and can ensure that your severance agreement does not compromise your rights. 

Consider Negotiation

Many employees aren’t aware that it is sometimes possible to negotiate a severance agreement with the help of an attorney. In Ohio, it’s possible to seek a longer period of health insurance coverage, a higher amount of pay and other compensation. Depending on your situation, you may be able to secure an improved end result from the agreement had you accepted it up-front. 

Keep the Financial Impacts in Mind

There are numerous ways that a severance package may impact your finances. Once you’ve received the money, do not do anything right away. First, consider how the severance may affect unemployment benefits. While Ohio employees can claim unemployment benefits before the severance period has ended, the amount of unemployment pay you receive may be affected. Check with our attorneys to see how your specific situation influences your finances.

Visit Our Attorneys at a Consultation

If you’ve been terminated from your job and have been offered a severance package, review its provisions with a knowledgeable attorney before signing anything. Marshall Forman & Schlein LLC can defend your rights. Call now for a consultation.

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