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What are the Top Financial Advantages of Opting for a Marriage Separation Agreement?

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A legal marriage separation agreement is a type of document that is signed by couples who are still married but cannot stand each other for some reason and wish to live apart while yet married. This is often the first step to divorce as couples can get the chance to reconsider their decision while living away from each other and think whether they should call it quits or reconcile. It also gives the chance to come to terms and have all the necessary agreements before the divorce. Find out about some of the major financial advantages of opting for this type of agreement.

Tax Advantage

In case you will be paying for spousal support, you may claim all the payments as a deduction at the time of taxation in case the payments happen to be a part of the marital separation agreement. In case you are only separated without any legal agreement, there cannot be a deduction of any money given to your spouse at the time of tax payments.

Keeping some health benefits

This status also lets you carry on your health insurance under the coverage of your spouse. However, you have to check and find out whether the insurance policy addresses all the possible consequences in case of separation of a married couple. A legal separation status might even let you keep some types of military benefits.

Outlines the payment responsibilities of each party

In case a couple owns a home jointly, the agreement also outlines who pays for which thing and who would get to live in the house. While maintaining a house, there are some issues like maintenance costs, lawn care expenses, utility costs, mortgage payments and more. A legal marital separation agreement specifies who would be responsible for payments of which part of the home’s upkeep. Forms.legal  – A Legal documents website also helps to get a separation agreement for free.

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