It isn’t unheard of for money issues to cause couples in Kentucky and throughout the country to end their marriages. However, ending a marriage may come with benefits that make it easier to live a more financially secure lifestyle. For example, as a single person, you now have complete control over your money and how to budget it.
You may see better returns on investments
Those who are more conservative about their approach to investing tend to be more profitable in the long run. This is because they are less likely to let their emotions dictate when to buy or sell stocks or commodities. Furthermore, conservative investors tend to take a more sensible approach to asset allocation. If you have a lower risk tolerance than your spouse, a divorce may be a boon for your retirement savings.
You might get Social Security benefits sooner
If you were married to your spouse for at least 10 years, it may be possible to base your Social Security benefit on his or her work record. Assuming that your former spouse is 62 or older, you don’t have to wait until that person claims his or her benefit before receiving yours.
Take time to reset your financial priorities
Ending your marriage may allow you to move out of an expensive home and into an affordable apartment. In addition to potentially reducing your monthly housing payment, living in an apartment means that you don’t have any maintenance costs. Ultimately, money that was earmarked for a new roof or to remodel the kitchen can now be put into a retirement account or an emergency fund.
You may be entitled to a portion of a joint bank, brokerage or retirement account in a final divorce settlement. Furthermore, you might be entitled to alimony payments or Social Security benefits based on your spouse’s work record. A family law attorney may be able to help you obtain a favorable settlement through mediation or by taking the matter to court.