The Law Center P.C.
Call Us Now : (303) 351-2914

Divorce may result in some financial advantages

A demise of a marriage is seldom a happy event and usually comes with significant emotional and monetary struggles. There are times, though, when a divorce filing can result in a few financial advantages. Colorado residents who are in the beginning stages of a divorce may benefit from a few of these.

Once a new year commences, it often is heralded by an increase in divorce filings. While a dissolution is never a pleasant undertaking, it does not always mean that one's finances will continually suffer. There are some situations that may result in monetary gains -- one of which is a change in tax filing status. While it is often assumed that a married filing status results in the best tax rates, there are times that two incomes mean a higher tax bracket. A single filing status may translate into lower taxes. 

Another possible benefit is the right to receive a portion of a former spouse's Social Security income as long as certain conditions apply. If a spouse was married for a minimum of 10 years and is at least age 62, then it may be possible to receive the ex-spouse's benefits once he or she is of age, as long as one remains single. If not, then these benefits may be received when a current spouse qualifies for them. If one was not employed during a marriage, then he or she may be entitled to half of an IRA account at the time of the divorce.

One other advantage regarding monetary well-being is the opportunity to be one's own financial planner. Without the input or spending of a former spouse, one is free to invest or save as he or she sees fit. While a divorce is a daunting ordeal in many ways, it does not have to be the end of dreams and goals. Colorado residents may choose to seek advice from a knowledgeable family law attorney on how best to prepare for the divorce and life afterward.

Source: newsday.com, "Divorce can bring unexpected financial benefits, experts say", Sheryl Nance-Nash, Dec. 31, 2017

No Comments

Leave a comment
Comment Information
Email Us For A Response

Our Office Location

The Law Center P.C.
300 Plaza Drive, Suite 200
Highlands Ranch, CO 80129

Phone: 303-351-2914
Fax: 303-991-5250
Highlands Ranch Law Office Map

Review Us

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy