Separation agreement - Do It yourself

What is the name of your state? NY

Is it legal and binding if my wife and I type up a separation agreement and sign it in front of a notary, with out legal councel or a court hearing??

Maybe my question should have been, what problems can I run into by doing it myself?

Type of problems you can run into vary, whether civil right now or not.
Notarizing a post marital agreement or a separation agreement does not verify the stipulations it contains, notarization of such a document only verifies the accuracy of the signatures on the piece of paper it's written.
Also, whatever your agreement contains, remember that the contents are not binding to any creditors.

Yeah, I am learning more and more about the evils of credit card debt.

I was thinking more about household possessions - like if we agree on what the split will be - or a dollar amount for her to not take certain things. I do not want to have to pay for things twice. If we put this spilt and/or payment in a separation agreement, will we be bound by it?

Also, she agreed to and signed a quitclaim deed in front of a notary - no lawyers involved .... Could she change her mind in the future and try to make the deed invalid??

Until there is a court order involved, almost nothing will be valid.

You're trying to save money, but save yourself the headache instead. Get a court order.