Divorce is often a challenging, uncomfortable period of time in the best circumstances, even if it is a relief. However, it is also possible for divorce to offer a number of opportunities to savvy spouses who use some of the specific functions of divorce to their advantage. Many spouses fear divorce will bring financial difficulty along with it, which is certainly possible, but it is possible to lessen the financial impact of divorce with careful planning.
One of the most beneficial aspects of divorce is that it usually allows spouses to access their investment and make alterations to them without many of the standard penalties that they would otherwise face. In most cases, investors cannot simply liquidate an investment at a moment’s notice without incurring significant penalties and taxes.
However, in the event of divorce, most investments allow divorcing couples to access them without penalty for the purposes of property division. While this benefit may completely offset the material losses of property division and the expenses of undergoing divorce, if a couple has significant investments, it may serve as a generous savings. This may even apply to retirement accounts and certain government benefits.
In your own divorce, it is absolutely crucial that you carefully assess all the opportunities you have to protect your own interests and rights. With careful planning and attention, you may find that your divorce is not as terrible or difficult as you expected. Divorce is only the end of this chapter, and you may find that you are just as prepared for the next season as you need to be.
Source: U.S. News, “7 Little-Known Financial Benefits of Divorce,” Maryalene LaPonsie, accessed May 04, 2018
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