When should separation be considered?
New York, NY divorce attorney, Ken Jewell talks about when separation should be considered for a married couple thinking about divorcing.
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Questions concerning whether divorce or separation is right for you – and this is particularly true in a graying divorce scenario – is whether or not you want to maintain, for example, the ability to file married jointly. Also whether or not – and this is particularly important for people who are pre-Medicare – whether or not you want to continue health insurance coverage.
Once you get into a divorce judgment, you are no longer able to file married jointly and your tax rates change. These are things that you need to talk about with your tax professional, but I can certainly say that your tax rates will change and the way you file will change.
The health insurance issue, once you have a divorce judgment, there is a federal law that the state cannot control that is triggered into action. Namely, Cobra. The Cobra law requires that at the time a divorce judgment is signed that the insurance company no longer has to carry the spouse that was on the policy. That person now has to go out and find their own insurance.
So you want to think about it from, is the ability to file married jointly important? And for people who have assets and resources that can be a very important consideration. And also the ability to continue the current health insurance coverage is also something that needs to be considered and is a very individual choice.