Severance Agreements: Protect Your Rights
Severance agreements often waive essential legal rights, including the right to sue your employer. Before signing, it’s crucial to consult an experienced employment lawyer. At Castronovo & McKinney, LLC, we protect employee rights at all stages of employment, especially during termination. Severance agreements typically favor employers, so our goal is to ensure your rights are safeguarded. Contact us for a full evaluation of your severance agreement.
What is a Severance Agreement?
A severance agreement outlines the terms of your departure from a company, detailing the rights and responsibilities of both you and your employer. These agreements often prioritize the employer’s interests and may contain:
- Non-disclosure Clause: Prevents you from revealing details about your termination or confidential company information.
- Non-compete Clause: Restricts you from joining a competitor or starting a similar business.
- Non-disparagement Agreement: Bans negative comments about the employer.
- Waiver of Right to Sue: Often requires you to waive the right to sue your employer in exchange for the severance package.
These clauses can significantly impact your future rights, making it crucial to have a skilled employment attorney review your severance agreement to ensure you’re not relinquishing important legal protections.
Key Elements of a Severance Agreement
Severance agreements should be customized to each situation, but certain components are essential for protecting your interests:
- Severance Pay: Employers may offer severance pay based on employment contracts, company policies, or state law. An employment lawyer ensures you’re receiving all entitled benefits, including unused paid time off, bonuses, and other compensation, and that you’re not waiving your legal rights unnecessarily.
- Medical Benefits: Under federal law, you may be entitled to continue your health insurance for up to 18 months after termination, though you must continue paying premiums. A lawyer can negotiate for your employer to cover these payments or work out a lump-sum settlement for healthcare coverage.
- References: Employers may be asked to verify your employment, and a severance agreement often addresses whether you can receive positive references or if any limitations apply.
- Dispute Resolution: Many severance agreements require arbitration for dispute resolution. A skilled attorney can ensure fair arbitration terms and be prepared for litigation if necessary.
- Confidentiality: Severance agreements typically include confidentiality clauses, limiting the disclosure of the agreement’s terms, with exceptions for legal or arbitration proceedings and disclosure to your attorney or immediate family.
Why Choose Castronovo & McKinney, LLC?
Before you sign a severance agreement, take the time to consult with an experienced employment lawyer. It’s tempting to rush through the process, but signing an agreement without understanding its full implications could jeopardize your future legal rights. Castronovo & McKinney, LLC is committed to reviewing your severance agreement, clarifying your rights, and handling all communication with your employer. We advocate for the best possible package to protect your interests.
Contact Our Experienced Severance Agreement Attorneys
Termination can be overwhelming, and signing a severance agreement quickly might seem like the easiest option. However, don’t sign away your legal rights without proper counsel. Castronovo & McKinney, LLC is dedicated to helping clients in Union County, NJ, navigate severance agreements and ensure their rights are fully protected. Our team of experienced employment lawyers is here to guide you through the process.