We all know about the cost of divorce, but often overlook divorce’s financial benefits. A recent national article outlines some of these key advantages, which include:
- Access to retirement savings: While normally we have to wait until we are retirement age to withdraw certain retirement assets, this is not necessarily the case in divorce. Qualified domestic relations orders (QDROs) allow for early withdrawal of certain retirement assets.
- Social Security benefits: If you were married to your spouse for at least 10 years and he or she is 62 or older, you may begin claiming your share of Social Security benefits. If you were still married, you would have to wait until he or she decided to claim those benefits.
- College financial aid: Do you have college age children with your ex? Divorce could lower your reported income, thereby increasing your child’s eligibility for financial aid.
- Decision making autonomy: After divorce, you no longer have to get buy-in from your spouse over financial decisions. If you see an opportunity to grow your wealth, you can take swift action, while during your marriage you would still be debating the opportunity and losing precious time.
If you are concerned over the cost of divorce, keep in mind some of the benefits you will also enjoy. Your post-divorce financial future could be brighter than you think!
If you have concerns over property division, spousal support or other financial issues in divorce, discuss these potential advantages with an experienced divorce lawyer.
