14 Sep 2020, USA
Legal separation is quite different as it is perceived to be. It is a challenging, emotionally draining decision. Through this process, the marriage is ended with the intervention of the official court.
Marital Separation Agreement puts to an end few obligations and may create many others at the same time. As you may be knowing, Kentucky is a ‘no-fault’ state; thus, no one is brave for breaking down a marriage. One must have valid reasons to believe that there is no scope of reconciliation in the marriage, and the relationship has suffered permanent damage.
Defined:
A legal separation agreement is a written deal filed with the court to addresses the rights and responsibilities of a married couple once they decide to live apart. Matters that can be addressed by the court during the process of separation include:
• Child custody and support
• Division of assets and debts,
• Visit schedules
• Alimony, etc.
Almost all the counties in the United States validate and justify a legal separation agreement except for the states of Delaware, Florida, Georgia, Louisiana, Mississippi, Pennsylvania, and Texas.
Here are the other Legal Requirements needed to fill a Legal Separation Agreement Form:
• One of the spouses needs to be a resident of the concerned county for at least six months or 180 days before filing a petition.
• Wife can’t be pregnant. If she is, the Separation Agreement can only be filed after the child has taken birth or the lady is in the last months of her pregnancy.
These requirements can, though, be avoided by using affidavits.
Far from the truth, and legal separation is entirely different and can have various kind of benefits for the partners. The prime concern is that you wish to have a legal separation that can protect you in case your spouse fails to fulfil their obligations as stated in the agreement. The agreement can be held in the court of law and enforced. Apart from peace of mind, there are a few financial benefits of a legal separation agreement that will protect you as well.
• Tax Advantage while paying Spousal Support: If you have been ordered by the court to pay spousal support, you can claim a deduction during taxation. This only implies if the payments are part of the legal separation agreement.
• Some Marital Benefits Retained: A legal separation agreement retains certain marital benefits. In a legal separation agreement, written consent can be mentioned to continue benefits like health insurance plans, etc. Also, you can file taxes with a marital status instead of single.
• The Financial Obligations are Outlined: Who pays for what can be outlined in the legal separation agreement if you lived in your home with your spouse. A legal separation agreement lets you outline the responsibilities of each partner towards every portion of the home to keep it maintained.
• The functioning of Joint Accounts Clearly Stated: For couples having joint checking, savings, and credit accounts, a legal separation agreement defines if both spouses can have access to any joint accounts. The court orders may require to close all joint bank accounts. All issues related to monetary expenditures and financial responsibilities are well outlined to protect both parties’ interests.
Apart from these financial benefits, as the definition of legal separation suggests, the couple lives separately while not breaking threads of marriage. There can be many reasons for a couple to do this. Either way, there are personal advantages to legal separation too. It opens doors to constraints for co-parenting, child support, and spousal support.
Another incomprehensible potential benefit of legal separation is that it allows separation between partners in a quicker way than divorce, which can be a periodically lengthy and emotionally tiring procedure.
While a divorce, the couple need to wait for the statutory period set by the court of law for marital status termination. Legal separation can cut short those sore times and have you and your spouse separated smoothly as compared to a traditional divorce.