There are many benefits to legal separations as compared to a divorce. But the basic premise is that both parties are agreeable to a legal separation and prepared to sign an agreement outlining what happens and who is responsible for what.
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The state law regarding legal separations may vary, and some states require a divorce filing before the settlement. But it is still a whole lot easier than a divorce and there are many benefits, as listed below.
A lot of the acrimony in a divorce is because both spouses feel cut off from the joint benefits that couples get. For instance, one spouse may have been covered by the health insurance of the other spouse. By sticking with a legal separation, such benefits can be maintained. The couple can also explicitly state who meets what payments for joint assets and debts. They can also decide to maintain the status quo with the same joint banking accounts from which payments are sent for mortgage payments and other bills.
On the other hand, the legal separation agreement can also explicitly state that each spouse will not be responsible for any new debts taken on by the other spouse. This will maintain the value of the community property if a property division process has to be initiated later on.
Did you know?
You can get tax deductions for spousal support payments if you have signed a legal separation agreement.
Payments made after separation but without a legal separation agreement do not qualify for deductions. You only get a deduction for support payments made after signing the agreement.