Separation Agreement V Divorce
As a divorce financial strategist, I often recommend that if you live apart from your husband beyond an appropriate trial period, you stick to a legal separation agreement – a legally binding agreement between you and your husband to resolve issues such as division of property and debts, alimony/cohabitation, family allowances and visits. From a technical point of view, separation agreements are not legally enforceable. “While separation can certainly have benefits, your spouse`s separate life can put you at risk without a formal written separation agreement. If you separate, you will still remain responsible for your spouse`s debts and the legal issues they are involved in, regardless of whether you are not cohabiting,” she says. “A written separation agreement would appropriately address issues that, for example, provide compensation or limit your liability for debts incurred by your spouse during the separation. If your spouse does not pay certain marital debts because you are still married, although you do not cohabit, the creditor may seek recourse against you for the joint debt. Informal separations without documentation indicating the terms of your separation, .m.m. how to divide marital property, what you do with shared credit cards, who pays alimony, and how to distribute assets acquired during the separation can create difficulties that give rise to disputes. “Couples who divorce, but later reconcile, remain divorced until they remarry. They cannot re-establish their marriage after their divorce papers have been finalized in court. Generally speaking, each State fall into one of three broad categories: divorce and legal separation have similar effects in many respects. A divorce and legal separation without a break in body creates a space between you and your spouse. They live apart….