Divorce can be complicated and painful, but a marital separation agreement can help make the dissolution of the marriage less bitter and acrimonious because it can ultimately save you both money. A marital separation agreement is an arrangement between a husband and wife that settles the most pressing and divisive issues that come up when a couple decides to divorce.
Most often, the issues include child custody and visitation, the division of property, and both spousal and child support.
Dissolving a marriage with a long court battle can be expensive, but a separation agreement hammered out prior to the official divorce decree can settle the most explosive issues prior to officially filing for divorce. An attorney can draw up the separation agreement outlining the agreement between you and your husband or wife, which will be valuable when it comes time to formally file for divorce.
North Carolina does not require a marital separation agreement in order to get a divorce. But, it is required that the husband and wife live apart for a year and a day before they can officially file for divorce. Still, a marital separation agreement can ease some of the most pressing and difficult problems associated with the dissolution of a marriage.
A separation agreement can save money
There are many different ways a marital separation agreement can save money. It is not recommended that the husband and wife share an attorney. Both the husband and wife need their own attorneys to look out for each of their interests. In the long run, the separation agreement covers, making the actual divorce an easier and less expensive process.
Some key savings include:
1. Health care.
If one spouse and any children are receiving health insurance under the other spouse's plan, a separation agreement can keep the rest of the family on the insurance plan until the divorce is final.
2. Financials can be sorted out.
As part of a legal separation, each partner can determine who will retain what property and who will pay for it.
3. Joint accounts can be divided or closed.
If both spouses share bank accounts, the separation agreement can determine who owns which accounts, whether the accounts are to be closed, and how the money in the accounts is to be split, preventing one spouse from draining the accounts, leaving the other destitute.
4. Division of Debt
The agreement can decide how debt is to be divided and can provide how any debt whether incurred during the marriage or after the date of separation is to be divided. Handling the division of debt in the separation agreement, prevents one spouse from saddling the other with the debt.
Call an attorney for necessary advice
If you are thinking about divorce, you are likely feeling stressed and anxious, so the decision-making process is probably much more difficult. If you think a marital separation agreement might be right for you, please call our experienced firm to help you determine if a separation agreement will help your marriage end more smoothly. We can help you negotiate an agreement that will be fair to both spouses. Call us today at 704-861-0700.