When people think about divorce in Wheat Ridge, Arvada, or Golden, they usually are overcome with the financial stress that a dissolution of marriage can cause. However, there are some financial benefits to divorce that you may not be aware of. It’s not all losses and spending! While the idea of getting divorced may bring up other negative emotions and reactions, there are a few positives that can come out of it.
Financial Benefits Associated with a Jefferson County Divorce
- Social Security Benefits:
If you and your spouse were married for at least 10 years, you may be eligible to get Social Security benefits. Check with your experienced family law and divorce attorney to see if you are eligible to file a restricted application, which would give you access to half your spouse’s benefits and put off collecting your benefits. This would allow your benefits to grow.
- Tax Benefits:
When you file your taxes jointly with your spouse, you may wind up in a higher tax bracket, which -means you will pay more taxes. After divorce, you will file your taxes individually and that could mean you save more of your income.
- College Financial Aid Benefits:
When your child is ready to apply for financial aid, they only need to include the income information for their custodial parent on the FAFSA (Free Application for Federal Student Aid) application. Providing just one income, instead of the income of both parents, will likely qualify your child for more financial assistance from the government. This is definitely helpful if you are planning to help your child pay for their higher education.
- Retirement Fund Benefits:
Normally, a person is penalized if they withdraw funds from a retirement account early. However, with the proper documentation in place, a divorce can allow for a withdrawal from a retirement account without any penalties. Being able to access this account can provide you with the immediate funds you need and help protect your finances in the future.
If you are getting a divorce and want to make sure your financial future is protected, call the best divorce attorneys from the Pearman Law Firm at 720-259-9528 for your initial phone consultation.
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