5 Financial Benefits of a Legal Separation Agreement
The legal separation agreement can be beneficial for you if you want to sort out your marital problems. You have to hire a Divorce attorney for guiding you about the legal separation agreement and then both spouses sign it. It would be a very smooth and easy process if you are your spouse easily comes to terms. Legal separation is just like an agreement that allows couples to remain married but live separately but the whole process will be the only startup when the court will recognize you and your spouse come to.
There are several financial benefits for getting a legal separation along with the peace of mind. Tax Advantage when paying spousal support. If you are paying the spousal support you can claim for the payments in case payment is part of the legal separation agreement. If you didn’t have a legal agreement, any monies given to your spouse won’t be deducted at the tax time.
You retain certain marital benefits – Legal separation agreement makes you able to retain certain benefits like your spouse’s health insurance plan and many other benefits can be written into an agreement during the period of separation. Who pays what is clearly outlined – Everything will be written in the agreement who will live in the house and who pays what will be mentioned in the agreement. While maintaining the house, there might be issues like mortgage payments, utilities, lawn care; maintenance should be mentioned in the agreement.
Clearly stated boundaries about the Joint Accounts – Most of the couples use to have joint checking, savings and credit accounts. They need to define clearly the legal agreement about whether or not both spouses still have access to any joint account. If you want to make boundaries for Debt incurred during the separation you can mention it on your legal separation agreement.