At the end of a marriage, a person may anticipate losing some of his or her accumulated wealth. Contrary to popular belief, some experts say that divorce can bring unexpected income benefits as well, depending on the person’s circumstance. Individuals residing in California who are facing the possibility of a marital dissolution may be interested to learn more about possible breakup boons.
One unexpected boost in income comes to those who were married for ten years or more before calling it quits. The lesser-earning ex will be able to file for Social Security benefits on the higher-earning spouse’s record, as long as they do not remarry. Also, in a divorce settlement, it is possible that a nonworking spouse will be awarded some of the working spouse’s retirement pension or investment accounts.
Other sources of financial benefits after the end of a marriage include inheriting accounts if the other spouse neglects to update beneficiaries. Since one would no longer be filing jointly with a spouse, a person may find that his or her tax bracket will go down as well. Having primary control of one’s own finances could even be enough to see an increase, especially if one’s ex-spouse was a little more loose with the funds.
Thoughts of divorce don’t have to be all doom and gloom. Every challenge brings opportunity if one knows where to look for it. In California, many individuals go through the divorce process every year and look for ways to thrive through what can be a challenging time of change. Some choose to use the services of an experienced family law attorney for help in making choices through the transition.
Source: newsday.com, “Divorce can bring unexpected financial benefits, experts say“, Sheryl Nance-Nash, Dec. 31, 2017