In our last post, we discussed a situation that occurs more often than one might think. There are a lot of couples who wish to end their personal relationship but do not think that divorce is the right decision for reasons ranging from religious purposes to financial concerns.

An attorney can assist a couple who wish to remain legally married but do not want to continue the personal side of the marriage. Simply separating as mentioned in the prior post is a risky option. Even when a couple verbally commits to terms for a separation, there is no guarantee that they will be followed. A legal separation can help set out terms much like a divorce settlement, but allow the couple to remain married. The simple piece of paper is a contract that holds both spouses responsible and gives both spouses recourse if the terms are not followed.

A legal separation is a contract that sets out terms for the division of assets, payment of outstanding debts, possible alimony or spousal support and even child support or visitation agreements. It can ensure access to certain funds in the instance that intended cooperation falls apart. It acts much like a divorce settlement but allows the pair to remain legally married under the eyes of the law.

The agreement is a legally binding agreement that is important in protecting each spouse and their financial picture. When a couple informally separates, they remain liable for one another's debts and have no right to alimony payments or child support. Technically, the assets and liabilities and income all remain marital property. A legal separation defines the obligations of each spouse.

It is important to note that requirements vary from state to state. An experienced family law attorney can discuss options available to you and any questions or concerns that you may have.

Source: Forbes, "Legal Separation or Divorce: Which is Better Financially?" Jeff Landers, Jan. 10, 2012