An emotional reaction to divorce is only natural, but it's in your best interest to protect your financial interests. Divorce can present some with financial hurdles that continue to affect them for a very long time. There is a way to ensure that you stay on track, however, so read on to learn more about a legal separation agreement.

Don't allow yourself to become responsible for your ex's debts: A legal separation agreement neatly delineates between "married" and "separated," and this creates an important stopping point for your debt responsibility. While states handle marital debt differently depending on whether you live in a community property or equitable distribution state, you can at least control what you are responsible for during the separation. You don't want to find out later on that you have to come up with 50% of the cost of furnishing your ex's new pad.

Make sure you get spousal support during the separation: Many divorcing couples are not aware that there is no need to wait until the divorce is final to seek spousal support (alimony). You can use a legal separation agreement to have this form of financial support ordered, and the order can then be transferred to the final decree. It's also worth mentioning that you can have child support ordered for your minor children residing with you as well. In some cases, this will be a separate order signed by the judge and not included in with the separation agreement.

Make sure your children have healthcare coverage: If you are depending on your spouse's employment to provide you and your children with healthcare coverage, you might want to take steps to ensure that you stay on that plan until the divorce. In most cases, employers must wait until the divorce is final to suspend coverage, but your spouse may take steps to do that ahead of time unless you take action. Add a provision in your separation agreement about healthcare coverage to give you more time to find new coverage.

Use it to prolong your marriage: You've heard of long separations, and there is nothing wrong with taking your time before divorcing, particularly if you've made the above plans. There is another good reason to stay married, however, and it involves your retirement. No matter how young you are, there will come a day when you may be dependent on your Social Security monthly benefits, and the length of your marriage is a key factor. If you have been married for at least 10 years, you will be able to draw 50% of your ex-spouse's Social Security benefit. If you are close to the mark, it might pay to use the separation agreement to prolong your marriage long enough to earn you those valuable benefits.

For more information, contact local professionals like those found at Catherine Real Family Law.