Yes, SEPARATIONS is a Scrabble word!

Letter values in Scrabble US: S 1, E 1, P 3, A 1, R 1, A 1, T 1, I 1, O 1, N 1, S 1.

Is it a valid word?

SEPARATIONS is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

the state of lacking unity
coming apart
the distance between things
sorting one thing from others
the social act of separating or parting company
the space where a division or parting occurs
the termination of employment (by resignation or dismissal)
(law) the cessation of cohabitation of man and wife (either by mutual agreement or under a court order)
the act of dividing or disconnecting

Also: legal separation.