An attorney providing legal representation in family law in Walker, MN can help a married couple set up a legal separation agreement if they no longer want to live together but are not ready to divorce. For some couples, that legal separation remains in effect for a lengthy time frame. Many people find that divorce can wait if they are not ready to move on with another romantic partner.
Financial considerations often factor into the decision to delay divorce. For instance, if the housing market is depressed in this region, the couple may not want to sell the house for a low price. Normally, a divorcing couple has a limited number of options in regard to dividing assets that include real estate. One spouse can pay the other for their half of the home’s value, taking into account the outstanding mortgage. Another option would be to sell the house and divide the proceeds. By delaying divorce, they can continue to be co-owners of the property and can also determine who is responsible for what percentage of the house payments. An attorney with a firm practicing family law in Walker, MN can help in this situation.
A couple nearing their senior citizen years may choose to stay legally married so that one person’s health insurance through employment continues to cover the spouse. Soon, that individual will be eligible for Medicare, and the spouses may choose to get divorced at that time. For now, delaying divorce makes more sense. Qualifying for Social Security benefits from spousal income is another important matter to consider. Spouses must be married at least 10 years to qualify. Another situation would be when income taxes are substantially higher for one or both of the spouses if they were to be divorced. For now, they may prefer to continue receiving the tax benefits of a legal marriage.
In most cases, setting up legal parameters for a separation is very important in regard to factors such as assets, debt, child and spousal support, custody, and visitation. Brainerd Minnesota Law Firm can explain more about legal separation in lieu of divorce.
