Is There a Financial Upside To Getting Divorced?

Divorce doesn’t always mean a bleak financial outlook! Sometimes it can mean more freedom, and more control!

 

Pick ten articles on the financial ramifications of divorce, and 9 of them will probably predict a future of money troubles, penny pinching and budget cutbacks. Why?

 

Because divorce is financially hard on many people. You go from two incomes to one. You suddenly have less earning power, and twice as many things that need to be done. It’s hard. But that isn’t the only reality worth considering.

 

Believe it or not, divorce can have a financial upside!

 

Say what? A financial upside to divorce? Not likely. No really – it’s true! There are financial benefits to getting divorced that many people don’t even consider when they end their marriage. Financial benefits that, for some people, can make the difference! So what are they? Here you go. And you’re welcome.

 

  1. A chance to rethink your financial priorities

If you always wanted to save for that amazing Tuscan vacation, or stash a little cash towards the car of your dreams, now’s your chance. Many people have to give up on their pipe dreams when they get married because their spouses don’t agree with the way they save, or the things they’re saving for. A divorce allows you to decide what you want for your financial future, without having to accommodate someone else’s views, and then pursue it!

 

  1. More control over your money

Being single means you get to decide how your money is spent. If you want to save money by buying groceries and cooking instead of ordering in and eating out on a regular basis, now you can. If you want to use tax returns to pay off debt instead of buying a bigger tv, the choice is now yours to make. Divorce means that you now longer have to fight about how money is spent. Hurray!

 

  1. The opportunity to budget the way you think is best

Budgeting is hard. Making a plan to scrimp and save, and then sticking to it, is very difficult. But it’s even harder when your efforts are undermined by a spouse who doesn’t agree with your efforts. Or care about them. Being married to someone who regularly gambles away your savings, or compulsively shops with the bill money can be extremely frustrating! Divorce offers you a chance to make a budget that you like, and a chance to stick to it without interference from anyone else!

 

  1. More financial aid for your kids college fund

In many cases, the Free Application for Federal Student Aid only requires financial information from the custodial parent instead of both parents. (You do have to include child and spousal support though!) This means that your child may be eligible for more federal support when it’s time for them to go to college.

 

  1. Better returns on your investments

As with budget issues and savings decisions, financial investments will be solely your concern after the divorce. Where before you had to take your spouse’s opinion into account, now you are free to make the investments you believe are best for your future. Just don’t forget to discuss your strategy with a financial advisor.

 

  1. Social security benefits for later in life

If you were married for longer than 10 years, you’re eligible to apply for social security spousal benefits when you retire. You will receive either 50% of your spouse’s social security benefits, or 100% of your own, depending on which one is the higher number.

 

What does your financial future look like?

 

If you or a loved one considering divorce, and would like a chance to restart your financial situation in life, call The Kronzek Firm at 866 766 5245. Although not everyone finds their financial situation gets better after a divorce, the truth is that some people do! So if your finances are headed nowhere, because your spouse has a spending problem, and you’d like a chance to reconfigure your financial future, come in and talk to us. We’re here to help.

 

Testimonials

Brandy impressed me right away with her factual approach to my child custody case. She definitely knows the field well and never sugar coated things for me. I did feel lost many times, since this was all new to me, but looking back I kind of want to kick myself and remind me to trust Brandy. I felt uninformed a few times throughout the process, which was hard for me, but in spite of those moments, I did get great positive results in my case. She proved without a doubt in the end that she knows the system and she's an attorney to be reckoned with. Opposing counsel was actually shaking. My advice to potential clients is to definitely use Brandy for your child custody case, and to trust that she is giving you the best advice for your situation, and providing you the most quality representation you can buy. She is also a very busy professional, but she was always willing to sit down with me and answer my questions if I asked to. If I need further alterations to my custody agreement in the future, I certainly hope that Brandy will represent me again.

Bonnie on Avvo, 2015

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