The financial benefits of Divorce
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The financial benefits of Divorce

On Behalf of | Nov 11, 2020 | Divorce |

When it comes to divorce, there are many misconceptions in Georgia regarding each person’s financial state when all is said and done. Perhaps the most common myth is that one or both spouses will suffer financially once they are not putting together their income each month. There are, in fact, many financial benefits that come with a divorce, and the following information will detail some of the most important.

Control of money becomes easier

Perhaps the most common reason why couples tend to divorce is due to disagreements on how money is being spent. Divorce thus brings complete control of funds back to each spouse, allowing them to construct the budget of their choosing. This is especially important for those spouses who saw their ex-spouse as the major reason for their financial downfall.

Retirment funds are more quickly available

If you’re younger than the age of 59, you are eligible to dig into your retirement funds in order to utilize the money for living necessities. This is extremely beneficial to people as retirement fund withdrawal usually comes with a hefty early withdrawal penalty. However, that penalty is waived off when a person is going through a divorce.

Additional financial aid for your children

If you are going to be the sole caretaker of your children, it may be a little scary to think about paying for their college all alone. The fact is that you are probably in a better position to pay for their tuition than when you were married. This is because states usually provide additional financial aid to students who don’t have the luxury of having a two-parent income.

Although the benefits are clear, you are still going to require an attorney by your side to ensure that you are in a good position to receive them. An attorney who is experienced in family law and divorce is preferred.