What Separating Couples Should Know About Legal Agreements
If you are separating and anticipating a divorce in the future, a legal separation agreement is a great way of keeping things legal. This type of agreement provides the parties with a legally binding document that covers their rights and responsibilities. Read below and learn more about the advantages of having a legal separation agreement.
Benefits of a Legal Separation Agreement
Defines Marital Assets: A marital asset encompasses anything acquired after the date of the marriage. Gifts, inheritances and other property may be exempt and known as separate property. Only marital property is part of a separation agreement or divorce. Knowing what falls into this category can help as the couple begins to split things up.
Limits Debt Responsibilities: Marital debt follows the same principles as marital property. Joint debts, however, can be tricky. If you share a credit card with your spouse, a legal separation agreement can create a line in the sand. After the agreement is signed, there is no such thing as marital joint debts. Each party becomes responsible for its own spending.
Addresses Child Custody Issues: Parents can begin dealing with custody and visitation issues during separation. The legal separation agreement will be connected to orders addressing custody and visitation. If the plan is working well when the divorce is decided, the orders will convert from temporary to permanent. Discuss with your spouse plans for custody and visitation. Making a plan now can provide your children with stability and security.
Determines Child Support: This important aspect of divorce can begin to take effect during the separation period. While the parties are free to come to their own decisions about this issue, the state and federal government will use income information from both parties to determine who will pay child support and how much it will be. Speak to your divorce lawyer to learn more about the connection between child support and the parent with sole physical custody of the child.
Asking for Spousal Support: Many divorcing parties need more financial support. When it comes to divorce, the goal is for both parties to be on equal footing both financially and legally. Spousal support may be necessary when one party is unable to provide for themselves financially.
Getting Back Together: Many couples use a legal separation to attend to the relationship. Things like marriage counseling and time apart can lead to a reconciliation. A legal separation agreement allows the couple to focus on that aspect of the separation instead of dealing with disputes about financial and custody matters.
Separation can be a time of transition. Make those transitions smooth using a legal separation agreement. Speak to a divorce law firm such as Elam Glasgow & Chism to find out more.
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