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Financial Reasons to Consider a Legal Separation Instead of a Divorce

Financial Reasons to Consider a Legal Separation Instead of a Divorce

Posted By Meyers Law Group, P.C. || 24-Jan-2014

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.