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Does divorce have any financial benefits?

On Behalf of | Jan 7, 2021 | Divorce

Getting divorced in Alabama doesn’t mean that you have to deplete your savings account. In some cases, filing for divorce can actually improve your financial situation. Some people have walked away from a marriage with more control over their finances and a better shot at securing benefits.

How can filing for divorce benefit you financially?

When you’re married, you typically have more financial assets and two incomes in your household. As a result, it can be harder to qualify for health insurance and disability benefits like Medicaid. Some people have found that they qualified for more benefits after their divorce because the government couldn’t count their spouse’s assets anymore.

Getting divorced also gives you a better handle on your finances. When you’re living on your own, you know exactly where every penny is going. You won’t have to worry about your former spouse spending money irresponsibly and draining your savings. You also won’t have to worry about your former spouse’s car payment, student loans, and other debts that they might have accrued.

Finally, getting divorced can put you in a lower tax bracket. When you’re paying less on taxes, you’ll be able to keep more of the money that you take home. Some people have been able to save thousands of dollars on their taxes after they filed for divorce.

Is divorce the right situation for you?

Marriage is supposed to change your life for the better. If you’re not getting anything out of your marriage, it might be time to talk to an attorney about getting divorced. If you didn’t write a prenuptial agreement, be prepared to split up your marital assets with your spouse during the process. This includes properties that you bought with your own money, like a car or a house. An attorney could help you keep your assets safe and divide up your properties.