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Getting a divorce could (eventually) improve your finances

On Behalf of | Jan 7, 2022 | Divorce

If you’re considering divorce, you probably have concerns about your financial future. It is a normal and natural concern that many divorcing Ohio residents experience.

Yes, divorce usually comes with budgeting challenges and money concerns, especially if you have children. Sometimes, however, getting divorced might help you improve your financial situation on a long-term basis.

How can divorce help with money?

The family financial situation is one of the leading causes of divorce in the United States. Even when a couple has wealth, or at least enough to live comfortably, they can still have serious disagreements about money. If a couple cannot reach a middle ground concerning their finances, divorce is often the next step.

Divorce empowers you to separate your finances from your spouse, leaving you free to make money decisions for yourself. Some of the surprising financial benefits of getting divorced include the following:

  • It is usually much easier to budget your money as a single person.
  • Armed with a qualified domestic relations order (QDRO), you can access your retirement account funds without penalty.
  • Divorce reduces your income on paper, making your children potentially eligible for increased college financial aid.
  • Older divorced people often still qualify for spousal Social Security benefits.
  • Divorce gives you the chance to start fresh with your financial decisions and priorities.

Before you start thinking that a divorce can solve all your money woes, we urge you to seek a professional opinion about your finances. We also encourage you to learn more about divorce in Ohio. By doing this, you can discover how to make the most of your property division and other divorce agreements.