The answer is a personal one and depends where you're both at. Are you 100% sure you're headed for divorce or is there a chance of separating for a few months, a year, even 3 and then reconciling? Do you feel you wouldn't be able to date if you're still married? Is one of you on the other’s health insurance?
There are three differences between signing a full separation agreement and living apart, according to its terms, and filing for a divorce.
1. Taxes: Filing taxes together as a married couple is usually cheaper than filing as married/separate. While you're still married you can file joint taxes.
2. Health Insurance: Another reason to stay legally married is for health insurance. A married couple, even if legally separated, can stay on each other’s plans, but once divorced you can’t. When considering whether or not to divorce, it's important to look at the health coverage plans you and your partner have and if there are any feasible alternatives if you separate. Children’s health insurance is not affected and they can stay on either parent’s plan after a divorce.
3. Emotional: The ending of a marriage is usually stressful and emotional. Many couples crave closure and once divorced, feel they are (or will be) better equipped to move on and begin to heal. Other couples don't find as much significance in this legal status. Some people feel that they can't date while still legally married, while I’ve had couples who are living with someone else or even expecting another child when their divorce comes through.
Your situation is unique and you can consider these points as you consider your options.
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