If you are having marital problems and have decided to separate, I encourage you to get a lawyer to draw up and both spouses must sign an agreement of legal separation. Please be aware that not all States recognize legal separation. In such States, which make the process must be smooth. As long as your and your spouse to come to terms easily smooth.
In States that do not recognise legal separation to speak with an attorney of law of local family options if all you want is a legal separation. In some States, you can process a separation agreement signed by both spouses that are legal and binding. In some States that the process of divorce must begin before the Court recognizes any agreement, you and your spouse meet.
The bottom line is, you want a legal separation agreement that will protect you during a separation in case your spouse fails to live up to obligations, as stated in the contract. You want an agreement that will hold up in court if you have to go to court. Listed below are some of the financial benefits of a legal separation agreement.
If you are paying your spouse, spousal support payments may be invoked as a tax deduction. Only if the payments are part of the agreement of legal separation. If you are simply separated with no legal agreement, any sum of money to your spouse not deducted for tax time. A separation agreement means keeping certain advantages that take place during the marriage. Let's say you are a spouse who is covered under the health insurance plan of the spouse. With an agreement of legal separation, can be written in agreement that these benefits continue during the period of separation. If you and your spouse own a home who pays for what will be outlined in the agreement of legal separation. When maintaining a home, there are issues like mortgage, utilities, lawn care and maintenance that must be taken into account. In a legal separation agreement, who is responsible for the maintenance portion of the marital home is outlined. Most couples have joint checking and savings accounts and joint credit accounts. Define a legal separation agreement or not both spouses have access to any joint account. May provide that all joint bank accounts closed and each spouse open accounts in your name. May include which spouse pay what funds on any common credit accounts held by the couple. All questions relating to how money is spent and who is responsible for what is described in a way that both spouses will be protected. More importantly, a legal separation agreement will protect you from responsibility for any debt that your spouse acquires during the period of separation, if you live in a State of an equitable distribution. If you live in a community property State, you won't get this protection in the context of a legal separation agreement.
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