When it comes to the most common causes of divorce, financial reasons are near or at the top of most lists. However, there are quite a few aspects of the financial portion of your life that will actually benefit from divorce.
We’ll talk about it in this issue.
Will my finances take a hit from my divorce?
Not necessarily. A recent article from U.S. News & World Report detailed how you can actually benefit financially from a divorce. Here are a few of the benefits they mention.
- Budgeting becomes easier.
You now have total control over your budget. Gone are the days of intense haggling over which budgetary categories receive top billing. One person mentioned in U.S. News & World Report’s story was able to build up $20,000 in savings in just six months after the divorce because the spendthrift-partner was no longer around.
- Penalty-free early access to retirement funds.
If you try to tap into your retirement funds before your divorce, you’ll be hit with a hefty 10% penalty. However, with a Qualified Domestic Relations Order (QDRO), you’ll be able to make an early withdrawal from your account with no penalty. Of course, you should definitely speak with a qualified financial advisor before actually cashing out early.
- More college financial aid for your children.
This one should come as no surprise to our regular readers. While additional college financial aid is one of the “best kept secrets” of divorce, it’s a significant one. College students with parents who have divorced or have been separated for at least 6 months could very easily be positioned for financial aid packages that are more generous than what their peers would receive.
If You’re A Man Facing Divorce in San Diego, Call The Men’s Legal Center
When so much is at stake, we believe that husbands, fathers and non-custodial parents deserve effective representation.
To get started, call The Men’s Legal Center in San Diego at (619) 234-3838. You can also reach us through email.