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Typical severance packages offer one to two weeks of paid salary for every year worked. You usually have 21 days to accept a severance agreement, and once it's signed, you have seven days to change your mind.

Severance agreements must comply with relevant employment laws such as anti-discrimination laws, wage and hour regulations and workers' compensation provisions. An agreement containing provisions that contradict these laws may be considered invalid.

However, this is not automatic as most employers offer the severance package and expect the employee to take it. In fact, if an employee turns down the severance package and requests for higher pay, an employer could renege on the offer and provide no pay whatsoever. Surprisingly, this decision is legally allowed.

Often, severance package settlements are completely silent on your obligation to repay money based on income earned from your new job. If that's your case, your new job will have no impact on your ability to collect your severance package.

Yes, your employer can change or even cancel your severance amount if you do not have a contract detailing how your severance package is calculated. If you do not have an agreement, you employer has full discretion to determine how much to offer, to change the offer, or to simply not offer a severance package.

When a severance agreement contains an ADEA release of claims, by law, the employer must provide you with seven (7) days to revoke the agreement after signing it. This seven (7) day window cannot be waived or changed by either party.

You can always try to negotiate a severance package. You generally have 21 days to sign an agreement, so take your time to review all the provisions, to get a sense of what is standard in your industry in general and at that company in particular, and for those at your management level or with your years of experience.

Remember that Hogs Get Fat and Pigs Get Slaughtered. If your employer offers a severance package, you can make a counteroffer, but you should do so with caution. Just as your employer typically does not have to offer you any severance, your employer can withdraw an offer if you do not accept it before it is withdrawn.

Fraud, misrepresentation, duress, or unconscionability are common defenses you can use if you want to void a severance agreement that you already signed.

An employee has the rights to anything agreed upon in the severance agreement. The severance agreement is a legally binding document that has to be followed by both the employee and employer. If either party is found to be doing anything that is against the agreement, it could mean a court date in the future.