The decision to divorce is one that many people don’t take lightly. One thing that has an impact on the decision to go through with a divorce is the financial implications.
While many people think that there are only negative financial aspects involved with a divorce, this isn’t at all the case. There are some financial benefits that come along with the end of a marriage.
One of the benefits that is most noticeable right away is that you regain control over your finances. You decide where your money goes and you don’t have to answer to anyone else about this. You have to be a good financial steward after divorce or you might end up in dire financial straights.
You might find that you can reset your financial priorities since you aren’t having to consider a spouse in the equation. Even if the divorce causes an immediate negative hit to your finances, you might find that this improves over time and with some work.
Your children might qualify for greater financial aid for college. This is because the programs for aid consider the income of the custodial parent. After a divorce, there is only one custodial parent bringing in an income instead of two.
There is also a chance that you will be able to access retirement accounts early. Make sure that you think about the ways your plans for this money might impact your financial stability for the future.
Even though you might be concerned about finances, you shouldn’t let this be the only factor that determines if you move forward with the divorce or not. Instead, think about the big picture and make your decision. You should take steps to protect your financial future, no matter what stage of the divorce process you are in.
Source: U.S. News & World Report, “7 Little-Known Financial Benefits of Divorce,” Maryalene LaPonsie, Sep. 29, 2017