For many couples in Texas and across the United States, financial stressors are a major issue. Unfortunately, financial problems might lead to separation or divorce. Divorce can cause an array of financial worries as newly single individuals may be left with a diminished income to cover bills and rent. However, there are several little-known financial benefits that divorce can bring.
For example, if you’re going through a divorce, you might find it easier to budget and manage your personal finances. The end of your marriage could mean the end of constant fighting over money. You get to decide which things are a higher priority when setting your monthly budget. You can also designate funds to achieve your personal goals, from getting out of debt to contributing more to your retirement fund.
Another potential financial perk of getting a divorce is that you may be able to pull money out of your retirement fund early without receiving penalties. While this move can be risky, it can be beneficial if you need options that you may not otherwise have while you’re beginning your new life.
If you have kids, divorce can be a difficult adjustment for your family. However, one arena that may be beneficial for your children financially is college financial aid. A federal student aid application only requires the financial information of the custodial parent. If your income is lowered by your divorce, it could actually position your children to receive more financial aid.
Divorce is a difficult situation to navigate, especially when finances, the division of assets and child custody agreements are a concern. If you’re facing divorce, an experienced family law attorney may assist. An attorney may be able to provide you with legal counsel to chart your future post-divorce.