While there are sometimes religious or personal reasons for couple to want
to get a legal separation, it is also worth looking into the financial
consequences of a legal separation. There are several financial benefits
that a separation can provide, and sometimes, these are reasons enough
for a couple to get a separation instead of a
divorce. Here are some of them.
1. Social Security benefits. If a spouse gets divorced after 10 years and
they do not remarry, when they turn 62, they can collect Social Security
from their own work record, or they can collect half of what their ex
can collect based on his or her own work history, whichever is more. Couples
who are considering a divorce seven years into the marriage may want to
get a separation until they have reached ten years of marriage. Then a
divorce will not jeopardize a spouse's Social Security benefits.
2. Health insurance. This is a huge reason why couples choose legal separation.
You will have to read into the fine print of your policy however, to ensure
that separated spouses are still covered by an employee spouse's health
plan. Some insurers will cover separated spouses, while other policies
will view separated spouses to be the same as divorcees.
3. Military benefits. Some of these benefits will still be available to
a couple if they split up through a legal separation.
4. Other financial benefits will vary according to a couple's situation,
but oftentimes, there is a need to keep marital property together. For
example, a couple may not be able to afford living in two different households.
In this way, a legal separation may allow them to separate their lives
as much as possible, while creating an agreement on how property and its
payments will be divided. It should be noted that this could have implications
for tax season; for example,
separate maintenance would not be tax deductible if you two still live in the same household,
even if you have it divided into your own personal sections.
To learn more about the financial and legal ramifications of a
legal separation or a divorce in Long Island, do not hesitate to
contact the Meyers Law Group, P.C. today. Protect your future with the help of a skilled Long Island divorce
attorney from our firm.