Source : Webster's Revised Unabridged Dictionary (1913)

Severance \Sev"er*ance\, n.
   1. The act of severing, or the state of being severed;
      partition; separation. --Milman.

   2. (Law) The act of dividing; the singling or severing of two
      or more that join, or are joined, in one writ; the putting
      in several or separate pleas or answers by two or more
      disjointly; the destruction of the unity of interest in a
      joint estate. --Bouvier.

Source : WordNet®

severance
     n 1: a personal or social separation (as between opposing
          factions); "they hoped to avoid a break in relations"
          [syn: {rupture}, {breach}, {break}, {rift}, {falling out}]
     2: the act of severing [syn: {severing}]