Timing of Separation Agreement

Does it matter how long it takes after one party moves out for a separation agreement to be drafted? My situation is that only one of us wants to be separated, while the other hopes for a reconciliation. There are assets, no debts, and no minor children.

No, the separation agreement may be drafted and signed at anytime after the parties are separated. You should ensure that you have a signed agreement prior to filing for divorce, as you will lose your rights to have the courts distribute the marital assets (if you cannot agree) via equitable distribution after the divorce is granted.