If your marriage has hit a rough patch, legal separation in Missouri may be an option for you to pursue. The process shares some similarities with that of divorce, and this fact might give you pause. If divorce causes some individuals to experience financial trouble, does legal separation do the same thing?
While both divorce and legal separation can pose some challenges for you, it can also protect your finances from experiencing immediate and long-term harm. The orders entered in a legal separation can be particularly helpful to you financially if your partner’s overspending or other wasteful activities are threatening your financial health.
Legal Separations and Court Separation Orders
Similar to a divorce, a court will make orders or adopt agreements that apply to you and your spouse during your legal separation. These can include restrictions on:
Acquiring New Joint Debts
The court will likely enjoin both you and your spouse from acquiring any new joint debt without first getting the court’s approval. This restriction can keep your partner from further damaging your credit score by prohibiting them from applying for new credit cards and loans using your name.
The court has contingencies in place in case a spouse disregards this order. Specifically, it can also direct that any new debt that either party acquires is the sole responsibility of that party.
Division and Preservation of Assets
You might have a valid concern that your spouse could damage or sell valuable property like cars, artwork, or investments. A court’s separation orders could award you possession of these assets, thereby limiting or preventing the other party’s right to access and use them.
But what if your partner still manages to deplete or damage marital resources? In that case, the court can find the offending party in contempt and impose penalties against them.
Responsibility for Existing Debts
Finally, the court could enter orders as part of a legal separation to specify who is responsible for paying your existing debts. Depending on your income and the debts you are ordered to pay, this can allow you to save additional money in the event that you later decide to file for divorce.
Other Financial Benefits of a Legal Separation
Beyond the separation orders a court can enter, there are other ways that legal separation can protect your financial interests. Because you still remain married to your spouse even while legally separated, you still retain all the inheritance rights that spouses enjoy.
Finally, if you do decide to file for divorce, having obtained a legal separation first makes the process easier. If you have been legally separated from your spouse for at least 90 days, you can ask the court to transform your separation order into a divorce decree.
Exploring Your Options in Missouri
Legal separation may offer a way for you to strengthen your financial situation while you contemplate divorce. The best way to determine the proper course of action is to consult an experienced Missouri family law attorney. A lawyer can explain how legal separation may benefit you more than divorce given your situation.