5 Amazing Financial Benefits of Getting a Divorce
When you get a divorce, you pay a high price for losing something, be it your husband, kids, or home. With the help of a divorce lawyer Birmingham, AL, you can get a divorce easily. However, with losses, you also gain something out of a divorce, and that too financially. Wondering what can be the financial benefits of getting a divorce? Check the list below:
Money is one of the key reasons for a divorce. So, once you leave your partner, the arguments are over. If a spouse is a spendthrift or keeps using their credit card, the other can compensate for losses by controlling the budget so no one else can mess it up.
College Aid for Your Children
The separation of parents is tough for children. However, they experience a benefit when it comes to their college. The Free Application for Federal Student Aid (FAFSA) demands only the financial information from the custodial parent, which significantly increases potential funding. Alimony and child support received from non-custodial parents should be included in the FAFSA.
Penalty-Free and Quick Access to IRA
Retirement savings tend to get split depending on your situation. You can quickly take out money from the IRA without the 10% spike in certain cases. Hire a divorce attorney to get into an agreement, known as the “qualified domestic relations order”. You are still required to pay the income tax if the money doesn’t roll into an IRA.
Social Security for Divorcees
If you have been married for over 10 years and stay unmarried until you are 62, you can file for social security benefits depending on the income records of your ex-spouse. It lets you wait to take your benefits until you reach the age of retirement and are eligible for collecting a higher benefit. Your ex-partner will never know about it.
Reset Financial Plan
You may be surviving with less income, however, that doesn’t mean you can’t save money and succeed. You will feel happy fully controlling your finances because of the security that comes with it. Women and men tend to make different decisions. So, divorce may allow every spouse to choose to be as conservative or aggressive as they like. Ensure to ask the divorce attorney or financial advisor how to reset your financial plan.
So, these are some of the best financial benefits you get when going for a divorce. Besides losing certain things, you get financial benefits, and thus, you should file for a divorce if you are in an unhappy marriage.