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Divorce: Benefits of a legally binding separation agreement

On Behalf of | Nov 21, 2018 | Family Law |

Reaching the decision to end a marriage can be a stressful and intimidating process. In some cases, couples in Washington who are uncertain if divorce is the best option for everyone involved may still decide to separate. During a physical separation, each party may still find it beneficial to take certain measures to protect their finances, as failing to do so could bring about disastrous consequences.

When a couple decides to separate, each party may find it increasingly difficult to keep track of marital finances. However, this could also be imperative, as any financial decisions or transactions made by one party could impact the other person substantially. Even if a couple has not reached the point where divorce is the likely outcome, they may still find it helpful to consider protecting their financial futures by forming a legally binding separation agreement.

During a separation, it may also be advisable to consider closing joint banking accounts and opening separate accounts. Since each party may still be liable for a certain portion of marital debts, closing joint credit card accounts may also be beneficial. For couples who have children together, a separation agreement can also help them set guidelines concerning visitation schedules and parenting responsibilities.

Even if a couple has not reached the decision to divorce, going through a marital separation can still be a challenging process. Those who wish to protect their financial futures during this period could benefit from speaking to a family law attorney for guidance in forming a legally binding separation agreement. Should a person make the decision to end his or her marriage in the future, an attorney in Washington can also assist the client in pursuing the most favorable outcome possible during legal proceedings.