What is a legal separation? In many ways, it is just like a divorce - decisions are made how to split up the marital estate: real and personal property, children, income, etc. But, it is different in that typically, you cannot be removed from your spouse's insurance, real property is not typically sold, and it is not "permanent" in the same way that a divorce is permanent,. i.e., you are in fact, divorced, and the court separates all the marital property between you and your spouse. About.com has some great articles discussing the difference between divorce and separation. Click here to read more.
I have many people who call me asking about legal separations. Before the Great Recession, the belief among attorneys was, "if you're gonna split up, you might as well get divorced." In today's economy, however, many folks are utilizing legal separations taking advantage of the lower costs involved in a separation. Typically, there is an agreement between the parties when legal separations are involved. And, although I'm not a tax lawyer, I know there can be monetary advantages to a legal separation, as opposed to a divorce.
And, some people just don't believe in divorce. In those cases, legal separation may give you everything you want, when you can't live with your spouse, but, can't live with the thought of a divorce.
Call The Gosteli Law Firm to find out if a legal separation is right for you. 618-740-0430 xt 1
