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Divorce is sometimes good for personal finances

On Behalf of | Jan 26, 2021 | Divorce |

Many people in Connecticut assume that getting a divorce will hit them right in the wallet. Splitting up assets often means that incomes have to stretch over two households instead of just one. While their assumptions may not be wrong, there actually can be some monetary upsides to getting a divorce. Here are some possible financial advantages to divorce.

One of the most obvious financial benefits is that divorced people get to make all of their own choices with money. Though that might seem daunting, for some it means they can adjust their budget to their preferences. They may be able to pay off debt more easily or maximize returns on investments. If their spouse tended to overspend, that won’t have to continue, which can help them build up their savings.

Another clear advantage is that divorced people may now have access to certain financial choices that were not open to them while married. They may be able to cash out part of a retirement plan early or receive more college financial aid for children. Depending on their age and the length of their marriage, they may also choose to draw on spousal benefits through Social Security. Even choosing to live in a smaller, lower-cost home could have great financial benefits.

Even with all of this good news, divorce is still a process that can cause people a significant amount of stress. One way to reduce that stress is by entrusting a professional to assist with the event. A Connecticut family law attorney in particular can examine all facets of a person’s divorce to ensure that all parties receive fair treatment.