The financial advantages of a legal separation compared with divorce

March 05, 2014 (Press-News.org) The financial advantages of a legal separation compared with divorce

Article provided by Magner, Hueneke, Smith & Borda, LLP
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Deciding to get divorced is a big and permanent decision. For couples in Milwaukee County, many opt to try being separated before they make the final decision to get divorced. While there are many factors that may play into a couple's decision to legally separate or divorce, this decision can be influenced by the financial advantages that come with a legal separation.

What does it mean to legally separate?

Couples can choose to separate from one another without obtaining any sort of legal contract that outlines the terms of their separation. However, when a couple legally separates, obtaining a legal separation document can resolve any issues regarding child support and visitation, the division of assets and debt and how alimony and child support will be taken care of without the marriage being officially dissolved.

Not only does this document outline the terms of a separation, but it can also give a couple the opportunity to take a step back and consider whether or not they want to proceed further with divorce. For example, in September of this year the wife of the famous actor Clint Eastwood filed for separation from the actor, says CBS News. Just a month later she then filed for divorce stating irreconcilable differences and is seeking full custody of the couple's 16 year old daughter.

What are the financial implications?

Although legally separating gives couples the opportunity to determine whether or not divorce is the right course of action for them, it also has several financial benefits. For instance, when a couple is legally separated, an individual may still continue to receive the health benefits from their spouse's medical plan that they were accustomed to during marriage.

In addition to this, separating legally separating can allow couples the opportunity to take advantage of certain tax benefits to those who file jointly on their taxes. Separating instead of divorce at first also allows couples to pool their marital resources. For some couples, the financial strain of maintaining two separate households is too expensive.

Tips for making it work

Because legally separating allows couples to still share certain resources, many decide to still live under the same roof during the duration of their separation. Although this is a good financial decision for many, it can still be a little difficult. If you and your spouse are separating but still living under the same roof:
-Sit down and make a plan that will outline your rules for interacting with each other.
-Make a decision about what you will tell your friends and family members about the separation.
-Try co-parenting your children in the same manner as you did before the separation if it still works.
-Wait to date other people or be discrete about your involvement with another person.

In addition to these guidelines, contact an attorney in your area that can help you devise the terms of your legal separation for a smooth transition period from marriage to separation.