Divorce often comes with a swirl of negative emotions. Louisiana spouses with rocky marriages may be unable to detach themselves from the fact that their relationship is ending in a way they may not have intended.
Shedding light on some of the benefits of filing for divorce can give couples something to hold on during this time in their lives. U.S. News & World Report offers a number of financial advantages to ending a marriage.
Access to retirement funds
Getting a divorce is not always inexpensive. With a qualified domestic relations order, retirement funds become available without paying a penalty. That money can absorb the cost of divorce and set both parties up in a better financial position for the next chapter of their separate lives.
Total say over money
Married couples may sometimes compromise when it comes to spending, saving and investing money. After divorce, both parties have 100% control over their income. As noted by Dave Ramsey, money woes could be the main reason a couple decides to divorce in the first place.
Potentially better investments
Even if a couple does not fight over money, they could disagree about the best way to invest the money they earned together. Mismatched couples where one spouse takes investment risks and the other is more conservative could find their returns improve after divorce when they no longer have to compromise on their investment strategy.
More financial aid for college
Kids of a divorced couple could qualify for more financial aid. Custodial parents should work with a financial planner to determine how to best structure their divorce settlement and handle financial aid applications so their college-bound kids get as much aid as possible.
It is vital for couples to set short- and long-term money goals while married. The same applies to couples getting a divorce.
