It is a document stating what you and your spouse are going to be responsible for (especially financially) during the separation and after divorce. Banks want to know what your standing is, is going to be, and so forth. Not all states require it, but some companies will do nothing without it. You can get one online for free and fill it out and get it notarized. Or you can pay a lawyer to draft one for you.
It is a good thing to have for divorce, it eliminates a lot of BS.
What is separation of property agreement? Why the bank ask it when I apply for loan agreement? Any sample?
If you are divorced, there is somewhere a document for the disposition of property. It says what is yours and what is your spouse's. It could be in an agreement if the divorce was uncontested or it could be in the decree if the divorce was contested. Banks want to see it because you might have been ordered to pay debts that do not appear on your credit report, or you could have been ordered to pay alimony, or you could be claiming assets that have been assigned to someone else.
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