The all-too-familiar arrangement in which couples live separately while they are ‘informally divorced’ individuals has disastrous financial consequences. Typically, the separated couples are awaiting the formal, legal, and court-sanctioned divorce.
As experienced divorce and family law attorneys, we at the Jackson Law Firm, feel obliged to advise our clients that separating without the divorce formality poses grave monetary risks.
Do not put your Valuable Assets on the Line
Legally, the married people jointly own real estate property, cars, antiques, and money. Your spouse can spend or use the valuable assets, and you won’t have any control on how the separated marriage partner manages the matrimonial assets.
• You will not have the legal claim to half the shared matrimonial property without a divorce.
• No law court can grant your application to sub-divide assets.
• The separated spouse can hide or sell the assets and your right to the share of the financial proceeds is non-existent.
• The spouse can relocate to another state or country to buy time and only return when the applicable laws favoring you are time-barred.
• Your partner can dispose the marital assets and buy property which you have no right to.
The Death of the Separated Spouse
If one of the informally divorced partners passes on, you will face legal complications. In law, the surviving spouse may have the right to inherit all your finances, house, vehicles, and trusts although you had an irreparably fractured relationship for many years.
Why Live apart and Still Retain the Marriage?
Our professional advice is that if the husband or wife decides to end a marital union, live, and lead a separate life, you should seek a lawful separation. Divorce financial strategists share in our opinion.
Call our Jackson Law Firm divorce law experts if you would like a legally binding marital separation agreement that protects you in assets division, debts by the spouse, spousal support, child custody, child support, and visitation disputes.
If you are facing a divorce case, you may be wondering what to expect. In some cases, spouses are able to work things out and enter into a settlement agreement. In most cases, judges will approve a visitation schedule that parents have worked out themselves. When parents can’t agree, they may be ordered to attend […]