Divorce may yield multiple financial benefits

On Behalf of | Nov 5, 2020 | Divorce |

Money remains one of the chief causes of strife in a marriage, and likewise, it can cause major challenges during and after the divorce process. Specifically, divorced individuals may find themselves with smaller incomes for covering their bills, which may drastically impact their long-term financial plans. However, divorce can also come with several monetary benefits in Illinois.

For starters, following divorce, individuals may find that the budgeting process becomes easier. The reason for this is that they no longer have to factor in two people’s ideas about how their household incomes should be spent. Rather, they have more control over their money. In addition, they may be able to access their retirement funds without penalties earlier.

Yet another monetary advantage of divorce is that it may result in greater financial aid for the children of divorce who plan to go to college. In addition, divorce brings the opportunity for people to reset their financial priorities. For instance, they can sell their marital homes and purchase smaller homes that will be easier for them to maintain going forward.

When dealing with the financial aspect of divorce, the best scenario for couples is for them to work toward developing a mutually satisfactory settlement agreement outside of court. However, this is not always possible. In this situation, the two divorcing parties have no choice but to go to trial, where a judge will ultimately decide how to divide their assets. Either way, an attorney in Illinois can help a divorcing individual to pursue his or her fair share of the assets and thus remain as strong as possible financially long term.