severance

[sev-er-uhns, sev-ruhns]
noun
1.
the act of severing or the state of being severed.
2.
a breaking off, as of a friendship.
3.
Law. a division into parts, as of liabilities or provisions; removal of a part from the whole.

Origin:
1375–1425; late Middle English severaunce < Anglo-French; see sever, -ance

nonseverance, noun
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
severance (ˈsɛvərəns)
 
n
1.  the act of severing or state of being severed
2.  a separation
3.  law the division into separate parts of a joint estate, contract, etc

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Etymonline
Word Origin & History

severance
1422, from Anglo-Fr., from O.Fr. sevrance, from sevrer (see sever). Meaning "discharge from employment contract" is attested from 1941.
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
As required by his contract, he will also receive a year's salary as a
  severance payment.
Yet golden parachutes and severance pay are only one part of executive
  compensation.
But by the end of the day, he had been forced to resign with no severance
  package.
Macy's said affected sales employees would be offered other positions or a
  severance package.
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