Advice on Legal Separations
If you and your spouse are contemplating a legal separation either in lieu of or in contemplation of a divorce, there are some strategies that you can employ to ensure your legal rights and interests are fully protected.
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Assets and Debts
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As part of your effort to establish a legal separation with your spouse, you need to set forth who will benefit from different marital assets and who will be responsible for certain debts that have been incurred while married. Generally speaking, when it comes to dividing assets and debts the standard that needs to be kept in mind is what technically is known as "equitable division."
Equitable division is best understood as dividing the property and investments from the marriage in a fair manner. It also means that the debts incurred during the marriage are to be assigned in a fair manner based on the income of each party and also who will be responsible for primarily dealing with, when applicable, being the primary caretaker of any children born during the marriage.
The manner in which assets and debts will be divided needs to be outlined specifically in the separation agreement document itself. In this regard, it is helpful to be as precise and specific as possible so that any possibility for confusion or debate down the road as to the assignment of assets and debts is minimized.
Ongoing Financial Considerations
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Arranging and establishing a legal separation with your spouse also necessitates dealing with ongoing financial considerations. Odds are that either you or your spouse earns more money than the other. Additionally, you likely have incurred debts during the marriage, including a home mortgage loan and a loan for a car or cars. In the end, income distribution and continuing financial obligations need to be considered and dealt with as part of the development and drafting of a legal separation agreement.
A major financial consideration will center on support for any minor children born during the marriage. All states now have child support guidelines that can be obtained from the clerk of your local county or district court. These guidelines establish what the non-custodial parent needs to pay to the parent who is the residential custodian of the children.
Children
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Beyond dealing with financial issues, part of developing a legal separation agreement pertains to custody of the children and parenting time. (Parenting time is what most jurisdictions now call what historically was known as "visitation." The rationale is that no parent should be considered a visitor in the lives of his or her children.)
Through this process, a determination normally is made as to which parent will be the primary caretaker of the children (where the primary residence of the children will be located). A specific schedule of parenting time for the other parent will also need to be established. This will include a determination of where and how the children will spend major holidays on into the future.
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