Divorce may come with some financial pluses

| Oct 29, 2020 | Divorce |

Living the single life after the end of a marriage actually has some financial perks of which many people aren’t aware. Divorce can be financially devastating, but for some Missouri residents it can actually be a silver lining. Money is often one of the prime contenders when it comes to ending a marriage and for those who divorce it could mean there are fewer dollars to go around.

But there are some bright spots when it comes to managing money solo. Here are some things to consider:

  • There are Social Security advantages for older, divorced individuals;
  • There’s the chance to revamp priorities regarding finances;
  • The possibility children will get more financial aid for college;
  • There is a penalty-free, early access to retirement funds;
  • It might be easier to budget as a single person and more control over finances;
  • There might be a better return on investments.

Just because a person is divorced doesn’t have to mean his or her bank account needs to be in the red. If a person is smart with his or her money, a fresh start could mean building wealth anew won’t be a painful process. It may be necessary to prioritize a bit more, but cash flow doesn’t have to be impacted negatively.

It’s good to know that there can be some encouraging things that come out of divorce. Seeking legal advice from an experienced Missouri divorce lawyer may make managing finances easier. Having certain documents possibly associated with a divorce such as a qualified domestic relations order — which speaks to the splitting of certain retirement plans — might help in the budgeting process.