Many people fail to think about the financial aspects of divorce until it's too late. After the dust settles and your divorce is over, it is likely too late to go back make better financial decisions, but you can take steps before your divorce case even comes before a judge that can positively impact your financial situation for years to come. To learn how the creation of a legal separation agreement can make a big difference in your fiscal health during and after your divorce, read on.
Child-Related Issues
Nearly every issue that concerns minor children that would come up in a divorce agreement can also be addressed in a legal separation agreement. If you and your spouse can agree on certain issues like child custody and visitation, you are far more likely to carry that agreement over into your divorce agreement. A legal separation agreement is just as enforceable as a divorce decree, so be sure to make an agreement that is fair and that works for both of you.
Child support can be ordered during your separation period, and should be accomplished as soon as you agree on who will retain physical custody of the minor child during the separation period. On a related note, it should be noted that you can also request and have ordered spousal support during your separation period.
Dealing With Debt
Once you and your spouse are living separately, you want to ensure that you don't end up being responsible for your spouse's credit card use from that time forward. A legal separation agreement puts a legal stop sign on your debt responsibility.
Put Off Divorce and Garner More Benefits
If you are very near the 10-year mark in your marriage, you may want to delay your divorce temporarily. The Social Security Administration allows divorced spouses who have been married for at least 10 years to be paid one-half of their former spouses retirement benefit, once both parties are old enough to collect benefits. No matter how old you are now, hanging on for a few more months could mean a better financial situation for you during your golden years. A legal separation agreement can stand in for the final divorce by addressing nearly every aspect of an actual divorce, which could allow you to delay the divorce and gain more benefits.
These are just a few of the benefits of creating a legal separation agreement prior to your divorce. Speak to your divorce attorney, or visit websites like http://madisonlf.com, for assistance in making an agreement that covers all aspects and allows you benefit financially.
Share27 January 2017
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