Financial benefits to divorce

On Behalf of | Jun 4, 2021 | Divorce

When speaking about divorce, people tend to focus on the negative aspects. You may not realize that there are actually some benefits to gain after ending your marriage. Here are a few financial benefits of getting a divorce in Colorado.

Control over finances

One of the biggest financial benefits of getting divorced is that you will now have full control over your finances. In many marriages, financial decisions get made as a team, so you don’t have complete control over everything you buy or the investments you make. There may be things currently in your budget that your partner wanted, but once you’re single and don’t need them, you can get rid of them.

After becoming single, you can create your own budget and make your own decisions that could end up saving you money. If your ex used to take extremely long showers, then being single will lower your water bill. If they had a habit of leaving the TV on all night or forgetting to turn off the lights, being single will mean that you have a lower electric bill too.

On the other hand, if your partner was very conservative with their money, you can now spend as much money as you want. You can buy things that your partner previously would not approve of.

Financial aid

After getting a divorce, it lowers the income for your household due to their only being one working adult now. This lowered income can potentially help your children receive more financial aid in the event that they want to go to college.

Social Security

If you were married to your partner for over 10 years before you got divorced, you may qualify to access spousal benefits from Social Security. You can even access these benefits before your former partner retires, which would not be the case if you remained married.

It is common knowledge that getting a divorce can be difficult and frustrating. Nevertheless, instead of stressing over all the negative aspects of getting a divorce, think about some of the positive ways your life will improve after your divorce is finalized.