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Top 4 Financial Benefits of a Legal Separation Agreement

Top 4 Financial Benefits of a Legal Separation Agreement

Many who are in the divorce process never even considered filing for a legal separation. They felt it was unnecessary or were not even aware that it existed. In truth, it not only exists, but can also be the most beneficial legal move for many who are experiencing marital problems and considering divorce.

If you are having problems in your marriage, consider contacting an experienced Arizona family law attorney to draw up a legal separation agreement for you and your spouse to sign. As long as you and your spouse agree on terms readily, the process should be smooth and easy. Having a legal separation agreement in place provides protection in case a spouse does not live up to obligations that are outlined in the paperwork. There are many benefits to having a legal separation in place, but many will particularly appreciate the financial benefits.

Financial Benefits of a Legal Separation

  1. If, according to the legal separation agreement, you are paying spousal support, you can claim a deduction for those payments at tax time. If you are separated and making payments to your spouse with no legal separation agreement in place, you cannot use the payments as a deduction on your taxes.
  2. Having a legal separation agreement in place will enable you to retain certain benefits that were in place during the marriage. For instance, if you were covered under your spouse’s health insurance plan, having a legal separation agreement in place will enable you to include verbiage allowing for continued coverage.
  3. In cases where there is a family home, the legal separation agreement will outline in writing who pays for what in regards to the property. This ensures that the important aspects of home ownership are not overlooked during the separation: mortgage payments, maintenance needs, utilities, lawn care, etc.
  4. The legal separation agreement will define who has access to which joint accounts. It could also state that all joint accounts are to be closed and individual accounts be opened instead.
If you would like to find out how a legal separation agreement could benefit you financially, contact the Arizona divorce lawyers at Arizona Family Law Attorneys.
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