If you and your spouse are no longer able to see eye to eye, it might be time to enter into a legal separation agreement. While it might be tempting to jump right into a divorce proceeding, having a legal separation agreement documenting respective rights and assets will ensure that you remain protected throughout the proceedings. Legal Separation agreements also allow for you to consider whether you want to go through with the divorce or if separating will allow the relationship to heal.
Standard legal separation agreements are free, but most couples opt to have a divorce lawyer review the terms. Depending on how bad the relationship is, each respective spouse might have their own lawyer, or agree to share one and share the costs.
A legal separation agreement can differ from state to state and couple to couple, but most of them cover privacy, financial assets, any children and respective visitation, and real estate. The couple looking to separate can also write their own terms for the legal separation agreement if they do not like the standard language. If this is the path they will chose, it is advisable to consult with a divorce attorney to ensure one’s assets are protected.
Opting for a legal separation agreement will allow those no longer willing to live together an out if religious reasons forbid divorce. Another reason legal separation agreements are a good option is spouses are covered under each other’s insurance benefits. There are political reasons for a legal separation act preceding filing for a divorce. If a couple is married for 10 years or more, they can claim each other as a social security benefit. Should one of the individuals be in the military, being married for at least 10 years allows the other to be claimed under the Uniformed Services Former Spouse Protection Act. While the intention is to protect a spouse that has just lost their loved one to war, it does allow for greater fiscal protection once the couple splits.
Any payouts outlined in the legal separation agreement can be claimed as tax deductions. Declaring what each spouse is responsible for will help validate the case if a spouse goes back on what they say they will do. It also helps if there was no prenuptial agreement and accounts were merged.