Most married people in North Dakota understand that financial concerns can become a major stressor in a marriage. A 2018 study revealed that one in three respondents to a poll identified money as the number one source of stress in their relationship. For some unfortunate couples, money squabbles are enough to end a marriage.
Family law professionals are quick to point out that financial worries do not necessarily stop once a person becomes single again. However, there are some financial advantages a newly single individual may enjoy that they did not possess when married.
1. Greater control
A single person will not have to fight with a spouse about what takes precedent regarding family finances. New divorcees may find that they can purchase more of the things they want or build up savings in a way they were unable to while married.
2. Retirement fund access
When a qualified domestic relations order becomes part of a divorce, parties to a divorce can withdraw money from a retirement account without paying fees that would otherwise apply. However, it may still become necessary to pay income taxes on a portion of this money.
3. Better performing portfolio
Some spouses find themselves in marriages with partners who make bad investment decisions. A stronger performing investment portfolio could become a reality for these divorcees. Women may benefit a little more from this aspect of divorce than their ex-husbands since men tend to take more risks when it comes to investments.
4. Student aid for children
There are not many bright spots for children when their parents decide on divorce. However, they may become eligible for more aid to attend college than they would receive if their parents remained married. The additional money is possible because financial aid applications only require the financial information for the parent with custody of the student. However, reporting alimony and child support payments from non-custodial parents is required.
Divorce is never easy on either the divorcees or the other members of their family. However, divorcees can take actions that allow both parties the chance to rebuild their lives. Individuals with questions regarding any stage of the divorce process may benefit from a conversation with a divorce attorney.