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Do you know the financial benefits of divorce?

On Behalf of | Aug 13, 2021 | Divorce |

A divorce may bring a tide of worry and woes, but the life change does not have to be all bad news. Sometimes, divorce offers benefits you may not realize.

U.S. News and World Report explore the monetary advantages of dissolving a marriage. Make sure you do not miss out on what some would see as the bright side of divorce.

Accessing your retirement fund sooner

As someone going through a divorce, you may draw money from your retirement account early without enduring an early withdrawal penalty. You and your soon-to-be-ex-spouse must work together on a qualified domestic relations order for you to enjoy this benefit. If you take advantage of this option, be smart about how you spend the money. After all, you set it aside specifically for retirement, not divorce.

More financial control

Perhaps you and your current partner occasionally disagreed over finances and your shared budget. No longer must you compromise or have difficult conversations with your spouse about her or his irresponsible spending habits. If you were on the receiving end of such conversations, no longer must you endure them. Either way, you do not have to discuss spending, saving or budgeting with someone else.

Better returns on investments (potentially)

Depending on if you and your current partner invested together and the strategy you took, your investments may improve after divorce. Perhaps you prefer a conservative investment strategy while your spouse took more risks. Now that you manage a portfolio alone, you do not need to compromise, which may benefit you.

When you know where and how to look, divorce does not have to devastate you as much as you may think. Hopefully, the above insights bring you a measure of comfort during a difficult life adjustment.