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Are there financial benefits of divorce?

If you are planning to divorce or going through one, you may often hear about how damaging it can be to your finances. It does not have to be that way.

In fact, U.S. News and World Report explains that there can be many financial benefits to divorce.

Retirement

While you may have to divide your retirement accounts with your spouse, divorce is one time in which you can access those accounts without having to pay penalties. It gives you a chance to rearrange accounts and even take a little money to help you pay bills.

Social security

When you are in a marriage, you cannot collect on your spouse’s Social Security record until he or she begins collecting benefits. The same rule does not apply when you divorce. If you do not remarry, you still can claim on his or her record if your marriage was at least 10 years long, but you only have to wait until you are 62 years old. It does not matter if he or she is collecting benefits.

Financial freedom

Money is often an argument in many marriages because two people are trying to manage one financial situation. Once you divorce, you alone are in charge of your finances. You can make the decisions however you want. If you feel like splurging on a fancy dinner, then there is nobody to answer to about it. It can give you a great sense of freedom to have complete control and to be the one to make decisions about how you will spend your money.

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