Personal Representation For Your
Family Law Or Criminal Defense Matter

How can filing for divorce benefit you financially?

On Behalf of | Nov 11, 2020 | Blog, Divorce

Many people in Michigan view divorce as an ending. But for some people, divorce is actually a beginning. A newly divorced individual gets to live the way they want to without having to answer to their former spouse. Filing for divorce even has certain financial advantages that can help you out in the long run. You might find it easier to save money or retire early after getting divorced.

How can filing for divorce benefit you financially?

Once you’ve finalized your divorce, you have the perfect opportunity to downsize. You can stop paying mortgage payments on a large house and move into a smaller home that better suits your needs. You might sell your large SUV and buy a small sedan or empty out the junk in your attic and start fresh. You can begin a more efficient lifestyle that doesn’t force you to live beyond your means.

Plus, depending on the agreement you reach during your divorce, you might be able to retire early. An agreement known as a qualified domestic relations order allows you to take money out of your retirement fund without paying a penalty. Not only will you be able to downsize, but you might also have more funds to enjoy the rest of your life.

Where should you go when you want to file for divorce?

If you’re thinking about filing for divorce, it’s recommended to hire an attorney as soon as possible. The sooner your attorney knows what they’re dealing with, the better they may assist you. Your attorney might help you divide up your assets and finalize the divorce so that you can move on with your life as quickly as possible. Additionally, an attorney may help you keep the process civil so that you don’t end up going to trial.

FindLaw Network
  • badge1-ppc
  • badge2-ppc
  • badge3-ppc
  • badge4-ppc
Photo Of Attorney Renee Lynn Wagenaar