Otherwise as a Conjunction; does the second clause become a dependant clause when we use otherwise as a conditional?

If we have two independent clauses, which can stand on their own as complete sentences. When we join the two with a conditional such as "otherwise". The second clause, now headed by "Otherwise," must surely become dependent on the first clause as without it there is not a conditional. If my case is proven, then how does this affect the punctuation of the new sentence?

"You have to start studying otherwise you will fail your exams."