If you have ever heard of someone being "separated" from their spouse, you likely think of an informal, short-term scenario in which the couple is living apart while they work on their marriage and decide whether or not to divorce. However, for some spouses who plan to live separately for a longer period of time, a formal legal separation may be something to consider.

Legal separation is often sought by spouses who do not want to end their marriage for religious, economic or other reasons, but who no longer want to live together as a married couple. Certainly, there is no set point at which a legal separation becomes necessary. But obtaining a legally binding separation agreement may protect you and your children from future financial harm, whether or not you and your spouse ultimately divorce.

If you separate informally without a separation agreement, you remain liable for your spouse's debt, and he or she maintains a certain degree of control over your finances. As a result, you may find yourself on the hook for a large credit card bill, or your spouse may spend money from your joint accounts without you knowing. This is why it may be a good idea to obtain a legal separation agreement that separates your finances and establishes your spouse as the sole owner of his or her debt.

In addition, a legal separation agreement can resolve issues relating to child support, child custody, alimony, property division or anything else that would come up in a traditional divorce. And if you do decide to legally end your marriage, the agreement can easily be made into your Ohio divorce agreement, making the process that much easier.

Source: Forbes, "Legal Separation or Divorce: Which is Better Financially?" Jeff Landers, Jan. 10, 2012