Two distinct ferromagnetic phases of LaMn$_{0.5}$Co$_{0.5}$O$_{3}$ having monoclinic structure with distinct physical properties have been studied. The ferromagnetic ordering temperature $textit{T}_{c}$ is found to be different for both the phases. The origin of such contrasting characteristics is assigned to the changes in the distance(s) and angle(s) between Mn - O - Co resulting from distortions observed from neutron diffraction studies. Investigations on the temperature dependent Raman spectroscopy provide evidence for such structural characteristics, which affects the exchange interaction. The difference in B-site ordering which is evident from the neutron diffraction is also responsible for the difference in $textit{T}_{c}$. Raman scattering suggests the presence of spin-phonon coupling for both the phases around the $textit{T}_{c}$. Electrical transport properties of both the phases have been investigated based on the lattice distortion.