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Utilizing a Separation Agreement Prior to a Divorce

Coming to the determination that you and your spouse are going to pursue a divorce isn’t easy. If this situation does present itself, it is you responsibility to take the appropriate steps towards protecting yourself. Whether you need legal help with protecting your finances or securing custody of your children, an attorney can help you with a legal separation agreement. This agreement is filed prior to the divorce proceedings. It will outline some basic agreements before you start getting into the more specific details of your divorce.

Tax Breaks with a Separation Agreement

Typically, one spouse will have to pay spousal support or child support to their ex. If you detail these payments in a separation agreement, you can claim these payments as tax deductible when you file your taxes that year. Any payments that were made outside of your agreed upon amounts will not qualify.

Extended Marital Benefits

There are many benefits that are shared by a married couple while they are still married. It can take some time to separate these benefits and figure out what will happen moving forward. A separation agreement can extend many of these benefits while divorce proceedings are occurring. This can include things like health insurance benefits, filing joint tax returns, etc.

Who Pays What

Prior to separating all of your finances from each other, your separation agreement tampa will determine who is going to pay which bills for the next little while. This can include anything from your mortgage payment to utilities and childcare expenses. Your attorneys may recommend that both parties close down their bank accounts and open new ones. The new accounts will need to be individual accounts where funds are not shared. It’s important that you keep your own finances separate from your ex’s debt. This is a tough situation financially. If you both work together to make a solid separation agreement, then you can come out of this situation in good shape. Not everyone is capable of working together during the divorce and separation process. Speak with your attorney to make sure that you are taking the appropriate steps for your separation agreement tampa .

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