Are there financial benefits to entering into a legal separation agreement?

Couples that are thinking about divorce may be more inclined to become legally separated. Obtaining a legal separation agreement will give them time to decide if they want to continue their marriage. They may have gotten married too young, too quickly or are dealing with difficult issues that recently came up. Whatever the reason, a legal separation agreement allows the couple to remain married while having a formal contract in place.

Why Not Just Get Divorced?

People that have rushed into marriage may want time before terminating their marriage quickly. The might need time to work through problems while undergoing counseling. Some couples are morally opposed to divorce due to religious reasons. There are several financial benefits of a legal separation agreement, which are:

• Couples that have been married more than ten years are eligible for Social Security and pension benefits.

• The spouse making alimony payments can use this as a deduction on their income taxes.

• Allows a dependent spouse to remain on their partner’s medical coverage.

• Limits the financial liability for any debts one spouse may rack up during the separation period.

• Access to credit on joint accounts if both parties want this arrangement.

The legal separation agreement should also outline which spouse will pay the marital bills or how they will be split.

Protecting Yourself Legally

When you consult with an experienced divorce attorney, they will help you make important decisions about your future. In some cases it may be better to get a divorce so that you can move on with your life. Each situation has their own unique set of problems that need to be examined. Take time to consult with a lawyer that practices specializes in family law to find out what is best for you.