4 Things to Plan for When Looking Into Separation

Choosing to separate from your partner, whether you’ve been together for only a couple of years or decades on decades, can be an incredibly emotionally taxing process, not to mention likely a bigger hassle than you were likely expecting. Whether you are planning for separation or are already in the process of making the big change, understanding the legal hurdles and implications of your decisions is important, especially if you’re expecting the separation process to go a specific way – whether that’s complete and total separation or the expectation for alimony or child support payments to be put in place. When planning for and attempting to get the separation process started, here are four things to consider both before and during proceedings in order to make things run smoother for both of you. 

Legal Documents & Agreements 

When it comes to divorce or separation, having all the right legal documents and agreements in place is essential. These can include marriage contracts such as prenuptial agreements or spousal support agreements, cohabitation agreements, or separation agreements. These documents cover matters like alimony payments, division of assets, childcare arrangements, and other financial aspects of the divorce process. To ensure that you have everything taken care of from a legal perspective, it’s best to consult with divorce lawyers who specialize in family law. They can help you determine what documents need to be created or updated for your unique situation.

Finances & Debt 

Before separating, it’s important to consider how your and your partner’s finances will be handled post-separation. This includes everything from mortgages and debts incurred while married to determining who will pay which bills going forward. Not to mention the financial hurdles involved if you have children; everything from child support to how both of you plan to pay for things going forward without the other to support you. 

 

If there is a significant amount of debt involved, it is recommended that a financial advisor be consulted in order to ensure that both parties are fairly represented when it comes time to divide up assets and liabilities. Additionally, if one spouse has significantly more money than the other at the time of separation, it is worth considering if any form of alimony or spousal support should be paid as part of the divorce proceedings.

Tax Implications & Filing Status

It’s essential to understand the tax implications of separating from your partner and how it will affect your filing status each year moving forward. The filing status for separated couples can vary widely depending on state laws and whether or not you were legally divorced at the end of the tax year in question; thus it’s important to check with a Certified Public Accountant (CPA) before making any decisions about taxes and filing status while separated or after a divorce has been finalized. Additionally, if there are any children involved they may need to be listed as dependents when filing taxes each year; again this should be discussed with a CPA familiar with family law cases prior to finalizing any paperwork related to taxes during or after a separation/divorce proceeding.  

Property & Assets Division 

When separating from your partner it’s important that all property and assets are divided fairly between both parties involved. This includes items such as real estate properties, vehicles, the different bank accounts or insurance policies you and your spouse may have set up when planning for the future or throughout the marriage, certain luxury items, the furniture you’d rather keep than sell, appliances, and electronics that were owned or purchased jointly during the marriage. On top of this is the decision of how to handle things like jointly owned businesses or business ventures you may have been planning or been involved in together. The same goes for properties you both own such as summer homes or land.

 

Figuring out who rightly owns the house, cars, or different individual items of value will depend on certain factors. Generally during a divorce, the items that were owned by both individuals prior to marriage will revert back to their individual owners while items purchased during the marriage are usually split between the two parties. However, if one party wishes to keep certain items or take out a loan in order to buy out the other’s stake it may be possible to do so if agreed upon by you, your partner, and your lawyers. Additionally, some states allow for “spousal maintenance” payments which can also influence how assets are divided between parties so again consulting with experienced professionals prior to signing anything related directly or indirectly is strongly encouraged by most family law attorneys across US states today!  

 

Separation can be a difficult and stressful process in a number of ways; but with proper planning and preparation, it is possible to get through the legal and financial hurdles without too much trouble. This allows you and your soon-to-be ex time and mental power to focus on what comes after the divorce is over and done with. By understanding the implications of different legal documents, managing your separating finances appropriately, figuring out tax filing status, and dividing assets fairly between both parties it’s possible to make sure everyone involved gets what they need out of the separation in order to move on with their lives. With the right help, you can make sure your separation is fair and amicable, enabling both parties to move forward with their lives in a positive way.