What financial benefits could divorce bring?

| Nov 6, 2020 | Divorce

It is easy to lose oneself in the worries about what life will be like after divorce. Though you may know that staying with your spouse is not the best option for you, it can still bring about anxiety to think about what your life will look like once you are single again.

In particular, you may worry about how your finances will turn out after your case comes to a close. Understandably, only having your income to live on, as well as any spousal support the court may award you, can present concern as you are likely used to having both your and your spouse’s income to cover expenses. However, if your spouse had a tendency to overspend, you may have fewer worries than you imagined.

Can divorce bring financial benefit?

Though many people think about divorce wrecking their financial affairs, certain benefits could come from ending a marriage to a spendthrift. You may experience some of the following positive outcomes to your situation:

  • You could make smarter investments with your money than what your spouse may have made with the household funds.
  • You will have greater control over where your money goes because you do not have to worry about your spouse overspending, or consulting with him or her on how to spend your income.
  • You may have the ability to save more and create more financial security for yourself.
  • You could take this time to consider where your priorities are in terms of how you want to spend your money and what assets you may no longer consider essential.
  • You can make adjustments that allow you to live more within your means and possibly reduce debt or potential-debt burdens.

Though having a dual-income household can make certain money matters easier, like paying the mortgage and the bills, it does not mean that a person cannot have financial security on a single income. In fact, many people find relief in being able to control their money and budget as they see fit.

Still get what you need from divorce

Of course, it is still important that you assess what you need from your divorce, particularly property division proceedings, to ensure that you can set yourself up for a stable financial future. Discussing your legal options with an experienced divorce attorney and gaining information on how Pennsylvania laws could affect your case may allow you to prepare as well as possible.