Some couples in New Jersey may be headed for divorce, but before they take that step, it may be in their best interests to consider separating instead. This may help some couples, especially those involved in a potential high-asset divorce.

As many know, the financial benefits of marriage are plentiful. Sometimes the task of taking on separately the cost of insurance benefits, tax breaks and shared expenses can keep a couple from going through with a divorce. If this is the case and the two spouses remain conflicted, a separation may be the best option.

Though New Jersey does not formally recognize separation, it can give a couple time to come to an agreement over the distribution of marital assets before the divorce is finalized. Not only can property be divided this way, but child support, child custody and alimony can be established by agreement of the parties as well. Knowing what the future holds may persuade spouses to behave differently, even if the actual divorce does not occur until some time down the road.  In order for such agreements to be enforcable in New Jersey, both sides generally must have the advice of separate attorneys, and all assets and income must be fully disclosed and made known to each party.

By remaining tecnically married, a couple can still share certain benefits such as health insurance. Estate tax exemptions for a married individual can be combined with his or her spouse's exemption, allowing the amount that will not be taxed to double. Military benefits can also continue for couples who choose not to divorce.

On top of all of this, expenses can remain combined. In some cases a separated couple may choose to remain living in the same home. Some of these couples divide the house accordingly so that they can maintain their separate lives.

Parties should each consult the guidance of a qualified divorce attorney to advise them as to how to make any pre-divorce agreements effective and enforcable.

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