Take your time before your sign. Review the package in detail, analyze the offer, and negotiate or retain a lawyer to assist you. If you are over 40, employers are required to allow you a minimum of 21 days to consider the offer. You need to fully understand the agreement, weigh your options, and decide whether to negotiate for better terms.

Locate relevant documentation (your original offer letter; employee handbook;, information on the company severance plan; emails concerning issues that may be grounds to claim wrongful termination or unfair treatment; documentation of your health and disability insurance, retiree medical benefits, vacation time, compensation, and stock options; non-compete, intellectual property inventions, non-disclosure, and mandatory arbitration agreements). This will help determine exactly what has been offered to you, what has been left out, and whether you can improve your severance through negotiation.

If you were terminated because you belong to a protected class, due to an illness or disability, as a matter of retaliation, or in violation of a written or implied contract, you may have grounds to claim wrongful termination or to negotiate a better severance package. If you sign a severance agreement without negotiation, you likely will be giving away these rights forever.

Most of the time, severance agreements are negotiable, but in some situations, an employer may be able to revoke an offer of severance if you reject the offer. You will never know whether your employer will negotiate unless you ask.

The most common terms to negotiate include total compensation (cash, bonuses, stock options, unused vacation time, etc.), insurance coverage, disability benefits, letters of recommendation or a favorable statement regarding your “voluntary separation,” outplacement assistance, your ability to exercise stock options, and terms of or release from any non-compete.

Often an experienced lawyer can help you understand the strengths and weaknesses of your situation. Further, a lawyer may be able to negotiate a better deal for you as many employers are more willing to negotiate once you get a lawyer involved.