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Financial factors to address regarding separation and divorce

On Behalf of | Sep 30, 2022 | Divorce |

Many couples who face prolonged periods of financial strain may face difficult decisions about what is best for their futures. Couples in Mississippi may even wonder if divorce is the best path or if legal separation might be a better fit for their situations. There may be numerous financial factors that might influence one’s decisions in this regard and carefully addressing such topics may prove essential to choosing the healthiest path available.

Factors to consider

According to studies, there are numerous financial factors that might influence one’s decisions when facing a similar situation in life. For instance, studies indicate that couples may feel that separation is a more viable path due to the possible health insurance and income tax benefits involved. The presence of pensions and topics such as Social Security benefits may also be motivating factors behind the decision to stay in a long-term separation instead of dissolving a marriage.

However, studies indicate that there may also be certain risks involved with choosing separation over divorce. For instance, legal separation might not provide protection against some types of debt and some forms of financial obligations one party accumulates during a separation may be deemed marital property. Should payments on marital debts fall behind, the credit score of both individuals may be at risk in the process. Estate disputes and the use of marital assets are two more examples of issues that might stem from a similar arrangement.

Divorce or separation

The process of choosing between separation and divorce may rarely be a simple endeavor. Those who face similar challenges in life and wish to seek advice in choosing a path that best meets their needs might consider seeking legal counsel as soon as possible. An attorney in Mississippi can examine the situation a client is facing, provide insight in carefully evaluating all the available options, and assist in developing a plan to seek the best outcome possible regarding his or her future.