You may be considering divorce, but it’s not your only option. In some cases, married couples may take a longer break from one another before they go through the trials and tribulations of divorce. They may choose separation instead. Today we will talk about the pros and cons of long-term separation and what it could mean for your circumstances.
The Up-Sides
One of the reasons why you may choose to separate instead of divorce is because of the financial effect that it could have on you. Divorce interferes with many financial aspects of your life and perhaps this is not for you. Here are some of the benefits of separating instead of going through divorce:
Healthcare Coverage: Perhaps one of the spouses will have difficulty obtaining insurance without help from the other spouse. You may choose to separate but not divorce for this reason. However, if you do decide to divorce, sometimes you can choose to put healthcare coverage in the agreement.
Income Taxes: If you merely separate, you may be able to take advantage of tax benefits and increase your deductions.
Social Security: If you have been married for a long time, you may get benefits from your spouse’s social security. If you’re still under the ten-year mark, you and your spouse may decide to hang onto the marriage so you meet ten years and gain the ability to get social security benefits.
Mortgage: You may choose to separate but remain on the property with your spouse as a way to avoid financial loss. Selling the home after divorce can be a difficult matter.
The Downsides
There are pitfalls, however. For instance, if you divorce after a long separation and are very financially stable, you could be ordered to pay more in alimony to the other spouse. Many people choose to separate because of the social factor, as well. They may want to continue living like a married couple to keep it out of public eye.
No matter how you plan to move forward in this situation, you need to choose what is best for you. Call us today if you are planning on separating from your spouse, or want to start the divorce process. We have information to help you get started.