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Difference between Legal Separation and Divorce: Which is Better Financially?
A Legal Separation is a printed confirmation that is registered under the supervision of the court and use to address the benefits and duties of married couples when they decided to live apart. A separation settlement is used to address different legal issues including the distribution of assets and shares, child care and assistance, visitation plans, support; etc. we can consider the legal separation much better than divorce.
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Some advantages of legal separation include being able to continue your marital status analyze the pros and cons of getting a divorce by living separately. Having a separation agreement makes you able to handle everything separately. You can continue the insurance coverage on behalf of your spouse’s coverage but if the purpose of getting a legal separation is to retain coverage then you must check the policy to see if your stat allows to for legal separation or not. Legal separation allows you to retain certain military benefits.
You can continue as a married couple to qualify for the social security benefits and for protects the financial interest. In case of tax benefits you can continue to file the taxes jointly but where you are living is affected regarding filing jointly. Most of the couples choose legal separation for experiencing financial benefits it provides. While having legal support spouses can also deduct the spousal support and the alimony can also be reduced if they are not a part of the main household as per the IRS rule.
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Legal separation is a more financially viable option due to some insurance benefits because most of the private sectors prefer married couples for their insurance policies. For this reason, it is much better to have legal separation than divorce. The bottom line is that legal separation is much better than a divorce but if you are still not sure to consult a family lawyer to make a final decision.