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Yes, a couple can draft a separation agreement based on their own mutual terms which can also include child support, visitation, custody and alimony as well but the agreement does not legally terminate a marriage or grant a divorce. It is an agreement prepared with mutual consent and requires to a lot of forethought and upto the smallest detail involved. You will also want to have the document notarized or at least witnessed by a disinterested third-party so that it is more likely to be enforced should you later have to go to court.

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Q: Can a couple get the necessary protections that a legal agreement would convey but without the added expenses of a court hearing?
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