Why Legal Separation May Be a More Financially Sound Decision
When couples are facing serious marital problems, a divorce might seem like the logical next step. In Raleigh, legal separation is an option available to couples who are not stern on ending their marriage through divorce. In order to be separated, a couple must reside in different residences. A couple is considered to be legally separated as soon they begin living apart, and there is no subsequent paperwork to be signed.
However, a couple may want to consider signing a separation agreement with a lawyer in order to establish guidelines regarding things like child custody and child support, spousal support, and property division. Furthermore, in the state of North Carolina, you cannot obtain a divorce without at least a year’s separation.
Financial Benefits of Separation
Sometimes, separation can be a better option for a couple in regards to the benefits married couples receive. When a divorce is finalized, couples are no longer entitled to the marriage benefits they used to have, such as tax breaks. For that reason, sometimes it is in a couple’s best interest to stay separated for a certain amount of time. Legal separation is a good option if you are both looking to:
- Preserve the right to file jointly on taxes and receive tax benefits
- Continue receiving health insurance benefits from spouses’ insurance plan
- Retain military benefits
- Meet the ten-year marriage requirement for Social Security benefits
- Pool resources to maintain separate lives
The decision to separate is often tough, but it is a much simpler process that allows couples to start evaluating their assets in case a divorce is still on the horizon.
Contact a Raleigh Divorce Attorney Today
If you are considering separation and you want to be sure your individual interests and legal rights are being protected during this process, one of our skilled Raleigh divorce attorneys can guide you through this process. Separation agreements are a great option for couples who want to keep risk low throughout the process. Contact a Raleigh family attorney at Marshall & Taylor PLLC today by calling 919-833-1040.