![]() ![]() We hope this article helps you have a more informed conversation as you work through your personal situation.Īll Learning Center articles are general summaries that can be used when considering your financial future at various life stages. And while we've outlined some of them above, your financial advisor or lawyer can advise you on what would be best for you. There are key differences between legal separation and divorce. In these states, you'd need a divorce to financially split off from your spouse. It is important to note that not all states allow legal separations. ![]() If you want no connection with your spouse, such as the ability to make medical or financial decisions for one another, divorce may be preferable, as you are no longer considered next of kin.If you want to get remarried, you'll also need a divorce because you can't legally remarry with a previous marriage in place.Otherwise, you'll spend time and money getting a legal separation only to have to go through the process all over again to get a divorce. If you don't see any financial benefit from a legal separation and are certain you want to end your marriage, it might be best to go straight to a divorce.In other situations, a divorce may be preferred. You may be able to use a legal separation to stay technically married until you reach this point. Finally, you need to be married for at least 10 years to receive Social Security and military benefits from your spouse's work.A legal separation also allows you and your spouse to continue filing taxes jointly, which can lead to some tax benefits.A legal separation would mean one spouse may still be eligible for health insurance coverage from the other spouse's job, whereas a divorce would end this coverage.Couples that can't go through a divorce for religious reasons also turn to legal separation.If you're not 100 percent sure you want to end your marriage, a legal separation can give you space to figure things out while still protecting you financially. ![]() Since divorce and legal separation are pretty similar, they may cost about the same and take around the same amount of time to process.Ĭouples might consider a legal separation for both personal and financial reasons. You would need to get a court to approve this decision and come up with an agreement that divides property and figures out the plan for your children. Beyond this major difference, a divorce is quite similar to a legal separation. This is an agreement that divides property, sets an arrangement for raising your children, and ends the financial connection you have to your spouse.Ī divorce actually ends your marriage. You would need to get a court to approve your decision and put together a legal separation agreement. A legal separation is more formal than just moving apart though. Typically, both spouses move to different homes and start living separate lives. There are personal and financial benefits to consider when determining which is right for you, so let's examine both options.Ī legal separation is like putting your marriage on hold. However, a legal separation may offer the same protection as a divorce and in some cases works out better. If you're having serious problems with your spouse, a divorce might seem like the only way to split off and protect your finances. However, a divorce completely dissolves a marriage. Both arrangements separate the couple financially and provide legal oversight for child custody and support, spousal support and debt management. While a divorce legally dissolves the marriage, a legal separation is a court order that mandates the rights and duties of the couple while they are still married but living apart. Key differences between legal separation and divorceĮnding a marriage is no easy decision. ![]()
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