Financial Benefits of a Separation Agreement

It’s never an easy process to separate from your spouse. When this situation does arise, you want to make sure that you take the appropriate steps towards protecting yourself financially. A legal separation agreement is very beneficial from a financial standpoint. Having an attorney draw up this agreement for both parties to sign will be legal and binding. Depending on the state, you may need to file a separation agreement before you can continue with divorce proceedings. Let’s take a look at some financial benefits that come with a legal separation agreement tampa.

Tax Advantages

If you are going to be paying spousal support to your ex, these payments can be utilized as a deduction when tax season rolls around. The payments must be outlined within your legal separation agreement tampa.

Retaining Martial Benefits

Certain benefits that existed during the time of your marriage may be able to be retained during your legal separation. If you are covered on your spouse’s health insurance plan, you can remain on that plan as long as it is outlined in your agreement. You can also file your tax returns as a married couple while you are separated. You still have the option to file separately if you choose.

Bill Paying

There may still be bills that need to be paid during your separation. Your separation agreement can outline who will be paying what. Your mortgage, utilities, vehicle payments and children’s tuitions are just a few things that might be discussed. If you have joint bank accounts, your separation agreement can discuss who will have access to what funds in order to pay these bills. You may be required to close all of your accounts and start up separate ones. These new accounts would be in your own names. While there are many benefits associated with having a separation agreement tampa drawn up, it is important that you utilize this option to protect you from your spouse’s debt. Most people would prefer that a separation or divorce happen in a calm manner. Unfortunately, this isn’t always the case. Having legal documentation in place will help protect your financial status.