How to Determine the Cost of Legal Separation
The term legal separation confuses some people who do not understand how it differentiates from divorce. A separation is a when a couple legally decides to move away from each other and are married only in name. This includes a division of property, assets, and custody, while the couple is still technically married under the law. While many people worry about the financial stress of a divorce, they believe that separation might be a more economical alternative. You may wonder how one would determine the cost of a legal separation.
It is important to note that Colorado is a no-fault, equity state. This means that no spouse has to be the reason of the split. Both can mutually decide to separate. In legal separations, the property and assets do not have to be split evenly because Colorado is not a community property state. The court has discretion to allocate property and assets as they see fit.
While it can be difficult to pinpoint an exact cost of a legal separation, it can be significantly less expensive than an actual divorce. Because most couples agree when seeking a separation, they usually do not undergo a contentious legal battle. Essentially, the separating couple needs a written separation agreement that a judge signs off on. This document articulates the division of assets, property, and debt.
Some financial reasons to separate instead of divorce include:
- A couple may try to seek retirement benefits, which they can only get after being married for 10 years. The separation can bridge the gap, if the couple breaks up before the 10 years.
- Depending on the provider, a spouse may still have access to their ex’s insurance plan while separated.
- Couple may be able to take advantage of certain tax benefits.
At The Harris Law Firm, we focus solely on divorce and family law issues. This gives us a detailed insight into the topic. Our Colorado divorce attorneys have helped many individuals seek the legal separation they want. If you believe that a separation is best for you and your ex, contact our firm today! We offer free consultations to get you started.