Divorce often involves several unpleasant conversations, arguments, and a lot of turmoil. In case you are planning to pick your back up and leaving, chances are that you are not alone. Many people may be considering the same option. However, couples often do not take the divorce route. Sometimes, even a divorce attorney will suggest you go for separation, based on your case.
A separation would mean that one of you will have to move out of the home and start living somewhere else. There are a number of benefits of taking the decision of moving out. This is because a separate life will give both you and your spouse to reconsider your options and your final decision. At the same time, it will allow you to navigate through all the landmines of old arguments.
Moreover, separation may also have a number of financial advantages. For instance, chances are that the extra separation time may allow you to cross the threshold in order to qualify for social security benefits.
At the same time, it could also be a nice opportunity for you to stay covered under the employer-sponsored health insurance plan of your spouse. In case you are already enjoying the above-mentioned benefits, then chances are that taking a divorce could quickly become a liability for you.
However, there are a number of financial complications that you could face even when you are living in separate households. In this regard, we have put together all that you need to know.
Divorce vs separation
Some states do not allow legal separation whereas others do. Under some laws, either you are legally divorced or legally married. In this case, an informal separation may take place which is a contractual agreement between the couple. However, they cannot be enforced as court orders in places where there is no separation law.
Trade-offs of putting the divorce on hold
Nevertheless, if you are considering to get a separate, it is important to know the trade-offs of putting the divorce on hold. These include:
Possible loss of marital assets
In case you choose to live separately, you will lose control over some of your marital assets. Since you will not have much oversight, chances are that your spouse may dispose of the property, mismanage certain investments, and squander the assets. They may destroy some important documents which will make it even more difficult for you to prove your ownership later on. In comparison, a divorce may save the assets in a proper split.
The opportunity of hiding assets
In case you separate informally, your spouse may start hiding valuable assets from you that will otherwise be split in the case of a divorce settlement. This may include transferring money or assets to relatives or family members or hiding documentation of assets. In this case, time may be your biggest enemy. While your spouse can also do this while you both are together, such behavior is particularly easier in the case of a separation.
Your living standards might reduce
After a separation, it is not uncommon for spouses to live with lower standards as compared to their past life. This could sometimes be a wise move as it will allow you to save your expenses in the long run. However, your comfort could reduce greatly. So watch it!
Before taking the decision of a divorce, it is very important for you to be certain that it is for you! Moreover, remember that if you take too much time off, your financial stability for the future might suffer. So do not stretch your informal separation to many months without taking a proper course of action. Rather, talk to a family attorney Fairfax VA right away! Otherwise, it would quickly become a liability of you.