As you know, aside from an emotional matter, divorce is also a legal and financial one. For this reason, many people who get divorced are very concerned about how their divorce will impact their financial situation. Community property will be subject to equitable distribution, child support and alimony may come into question, and more. Unfortunately, many spouses have a lot to worry about when getting divorced. However, you should note that there are certain financial benefits to a divorce. Please continue reading and speak with our experienced Los Angeles divorce attorneys to learn more about the financial benefits of getting divorced.
The Financial Benefits of Getting Divorced
- Once you are single, you can have complete control of your money. This means you can decide how to spend your money, when to spend it, and, of course, when to save it. While the freedom to save and spend money as you will is nice, you should understand that it is always best to make a financial plan before your divorce is finalized. If need be, you should consider hiring someone who can help you create a plan that works best for you.
- In many cases, a divorce can mean financial aid for children who are looking to apply to college through the Free Application for Federal Student Aid (also known as FAFSA). FAFSA says the custodial parent is the only parent that must provide financial information when applying. Therefore, if you are the custodial parent and are the only income to report, your children may receive additional financial aid when applying for college.
- Those getting divorced later in life may receive Social Security benefits, as long as they were married for at least 10 years and their spouse is at least 62 years old.
- In many cases, as long as you can reach a qualified domestic relations order, you should be able to access a retirement fund early on and penalty-free if you are no longer married.
For any further questions about the divorce process or the potential financial benefits of getting divorced, you should strongly consider reaching out to our experienced California divorce attorneys today. We are ready to help you in any way we can.
Contact our experienced Los Angeles firm
Divorce and family law issues are notoriously complicated and personal, which is why you must hire an attorney with years of experience, as well as the compassion and skill needed to handle these sensitive matters. For the qualified, dedicated legal representation you and your family deserve and need, contact Zitser Family Law Group, APC today.