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5 Financial Benefits of a Legal Separation Agreement

Legal Separation – Arrangement between couples to stay married while living separately. Having a Legal separation agreement would be beneficial for you if you are having any marital problems and decided to separate your ways without taking Divorce. In this situation, your family attorney will draw up legal separation in which both spouses have to sign it and it would be a smooth procedure if your partner would have easily come to the terms. If you don’t have any knowledge speaks with your Family Law Attorney to take his opinions.

A legal separation agreement will protect you during the case and allow you to make your decision with peace of mind. There are many financial benefits of Legal separation that will protect you while going through this difficult time.

Tax Advantage – If you have spousal support you can claim for the deduction at the tax time when the payments are part of legal separation agreement but if you are separated without any legal agreement the amount given to your spouse will not be deducted at tax time. You Retain certain Marital Benefits – If you are a spouse using your partner health insurance plan, the legal separation agreement will enable you to use hat agreement during your legal separation. You can use all the benefits during the period of separation.

You will be able to pay your all income taxes as a married person. – if you and your spouse own at home it would be clearly written on agreement about who will pay or who will stay at home. All types of payments like mortgage payment, utilities, lawn care, and all other payments would be finalized while signing at the legal separation agreement. It will clearly state boundaries about joining accounts. It will secure you from all Debt that can be incurred during the separation.