Money trouble is one of the leading causes of divorce in Illinois. While filing for divorce can increase your financial woes, you might actually find it easier to manage your finances when the legal fees are paid off. In fact, divorce offers its own set of financial benefits not available to married couples.
What are some of the financial benefits of divorce?
Once you’ve finalized your divorce, you’ll finally have full control over your finances again. You won’t have to worry about your former spouse spending recklessly or having different financial priorities. You decide where your money goes every week.
Additionally, you might be able to retire early if you file for divorce. When you and your former spouse agree to a qualified domestic relations order, you might be able to withdraw money from your retirement fund without paying the penalty. However, experts point out that your money should only be used for retirement, not frivolous purchases like buying a new car.
You might also be able to make better investments after a divorce. If your former spouse tended to invest in high-risk stocks, you’ll be able to invest your money in low-risk stocks that have a more positive outcome. Since you don’t have to worry about your former spouse’s expenses, you can put more money toward paying off debts or saving for retirement. You could also add more money to your child’s college fund.
What’s the best way to file for divorce?
If you’re worried about finances, you might want to settle your divorce as quickly and easily as possible. A family law attorney may be able to help you settle out of court without paying massive legal fees. If the divorce does go to trial, your attorney might help you secure the best possible outcome.
