Types of Separation: Living Apart
Basically, living apart is when married couples decide to live separately in different residences. It is usually the first step in a divorce.
What about assets and debts?
Depending on which state, assets accrued or debts incurred individually could be considered joint or separate.
In Florida, the state follows the equitable distribution doctrine in divorce. It would mean that the division of assets and liabilities will be fair but not necessarily equal.