Do You Need A Legal Separation Agreement?

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Do You Need A Legal Separation Agreement?

Divorce can cause all sorts of issues to come to light, and these issues can run the gamut from child custody to property and debt agreements. While many divorce issues can be considered emotional, it is the financial ones than can often get overlooked. If you fail to take into consideration how divorce will affect your future, you are making a mistake. Read on to find if you need to use a legal separation agreement to address some important financial issues during the transition between living apart and your final decree.

Do you want to take financial care of your children?

While the courts will surely make provisions for child support in the divorce decree, you don't have to wait that long to have this important financial concern addressed. If you are temporarily assigned physical custody of your minor children, you are entitled to have child support ordered for their care. In addition to child support, you should use the opportunity that a legal separation agreement offers to address visitation as well. It's important to note that any provision set out in the legal separation agreement could be effortlessly folded into the final divorce agreement, and could save some time down the road.

Do you want to take financial care of yourself?

Just as child support can be addressed with a legal separation agreement, so can alimony (or spousal support). This form of financial support is not only still available for those who need it, but it can make a huge difference for the spouse who may have given up career and educational opportunities to stay home and care for the children of the marriage. Rehabilitative alimony can be ordered as soon as you and your spouse part ways.

Do you want to secure your retirement?

Even if you are not quite ready to call it a day, it's never too soon to begin considering the financial aspect of retirement. If you have been married for at least 10 years to your spouse, you will be eligible to be paid one-half of their monthly retirement amount when you reach full retirement age. This benefit is paid to you even if your spouse has remarried, but is not paid if you remarry. Not married 10 years? A legal separation agreement can stand in for a divorce settlement in almost every way, from debt and property divisions to dealing with children. If using this agreement could allow you to put off your divorce for a few months or so, you might end up with a much healthier retirement benefit.

For more information, contact an attorney at firms like Reagan, Melton, & Delaney LLP.

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