Many Florida residents contemplating divorce stress over what they believe will inevitably be adverse financial consequences flowing from that event.
That is understandable, of course. The end of a marriage is unquestionably a big deal marked by material change across a broad spectrum.
Finances will undoubtedly be affected. It is often the case that two incomes become one. Not every expense is automatically halved just because former partners now commence a new life chapter as single individuals.
The bottom line: Legions of divorced people face some notable financial hurdles following divorce.
Notwithstanding the challenges, though, the divorce-tied “fresh start” often underscored by family law commentators can tie to some real money upsides. A recent national article on multiple financial benefits that can accrue from divorce points to “silver linings” that can emerge in post-dissolution life.
Positive financial outcomes that can follow divorce
Here are some potential upsides for a party contemplating divorce or having just concluded the process:
- Permanent cessation of spousal spats concerning money matters
- Ability to make informed savings/investment decisions in a unilateral and unrestricted manner
- Opportunity to potentially access spousal benefits tied to a former partner’s Social Security contributions (certain requirements attach)
- Complete control over spending, with no surprises linked to credit/debit cards
Those bulleted entries comprise just a few benefits that can positively impact finances for a divorced party. The above-cited U.S. News & World Report piece spotlights others as well.
Not everyone prospers financially and avoids dealing with money issues following divorce, of course. Real life typically throws challenges our way.
Divorce hardly dictates a compromised post-divorce financial picture, though. In fact, it can just as easily spell an opportunity to implement a sound financial plan that materially improves life prospects.