In Minnesota, a legal separation provides the benefits of a marriage and a divorce. The couple remains married, but each party has a chance at a separate life. Each party lives on their own and has their own relationships. However, each party has access to specific marital assets including properties and monetary assets. A local attorney guides couples through a legal separation under Family Law in Rochester MN.
Separating the Marital Assets
The separation agreement defines which party receives each asset. Typically, the couple reviews all assets accumulated throughout the marriage. The marital estate is divided equally among each party. A list is generated of all marital properties and assets with an exact value of the assets. The couple goes down the list and chooses the assets they want the most.
Creating a Plan for Children
Child custody, support, and visitation are determined in the divorce agreement as well. The couple must choose the type of custody arrangement meets the child’s needs. If they live in the same area, it is possible for their child to live with each parent on a part-time basis. When calculating expenses, the couple could arrive at a fair and reasonable child support value. Visitation is also determined in their separation agreement.
Managing Bills and Expenses
Once the couple stops cohabitating, each party is responsible for their own expenses. Debts that accumulated during the marriage are paid by the account holder in most cases. However, in a legal separation, each party retains access to joint bank accounts and credit card accounts. The couple must determine what is fair and amicable.
Making Arrangements for Tax Returns
A legal separation doesn’t prevent the couple from filing a joint tax return. However, they aren’t required to file together. The couple must make a determination about taxes in their agreement.
In Minnesota, a legal separation offers access to the marital estate and the advantages of a marriage. It doesn’t end the marriage entirely, and each party must fulfill the responsibilities of remaining married. Petitioners who want to start a legal separation under Family Law in Rochester MN contact an attorney or Click Here for more information now.
