Financial Benefits of Divorce
Money is a hot topic in marriages and as such, it is a common cause of divorce. After a divorce, people are left with less money. This can make it hard to find a place to live and pay bills.
While this may seem scary, it’s not all bad. While the single life does come with some financial challenges, there are some benefits to getting out of a bad marriage. Here are some financial benefits that single people may enjoy.
Great Control Over Money
If you are a saver and your spouse was a spender, it was probably very hard to get a handle on your joint finances. You might have had many discussions (or arguments) about money. Once you’re single, you’re on your own when it comes to finances, which may be a good thing. You alone are responsible for how you earn and spend your money, giving you greater control and more peace of mind.
Social Security Benefits
If you were married to your spouse for more than 10 years and they are at least 62 years old, you can receive spousal benefits. As a divorced person, you can receive Social Security benefits, whether or not your spouse receives them. You don’t have to worry about taking these benefits, as you are entitled to them and they won’t affect your ex-spouse and his or her new spouse, if applicable.
Access to Retirement Fund Without Penalties
If you access a retirement fund before you turn 59 ½, you typically have to pay a 10% penalty. However, if your divorce involves a qualified domestic relations order, you’ll be able to withdraw money from the account without paying a penalty. The money should be used for emergencies only, though, not a luxury vehicle or something else you don’t need.
More College Financial Aid Options
A divorce can be beneficial to your children if they plan to go to college. The Free Application for Federal Student Aid (FAFSA) only asks for information from the custodial parent, so if you don’t earn a lot of money, your children will receive more financial aid.
A Fresh Start
Divorce can give you the fresh financial start you need. By moving out and getting a new home, you get a chance to rethink your priorities. Many people enjoy the fact that they can downsize and don’t have to worry about a huge home and the headaches that come with it. You may find that an apartment or condo is less maintenance and offers you more affordability. Learn to make good use of your resources and you’ll come out ahead.
Seek Help for Your Divorce Case
Nobody wishes to go through a divorce, as it comes with many negative aspects. However, just like everything else, there are good points as well.
Going through a divorce? The Dade City & Zephyrhills divorce attorneys at Madonna Law Group can help you get the outcome you desire. We can help you avoid common mistakes. Fill out the online form or call (800) 557-0411 to schedule a consultation.