Divorce Selling House Englewood
A divorce is not something to smile about, but there are a few outcomes of a divorce that can actually leave a slight grin on your face, even if the times surrounding you are not the best.
From the cost of the attorney all the way to the loss of your spouse’s financial support and house, there is usually a high price to pay for any divorce. In fact, it’s due to this high price that many couples end up divorce selling house Englewood in order to pay for these costs. It gets even more depressing to know that spouses may end up walking out of the proceedings with fewer assets and retirement benefits; leave alone the emotional stress the whole process comes with.
In the long run, you will agree that a divorce is terrible, however, no bad thing lacks a shred of goodness in it and so does a divorce. No matter how bad it looks, there may be some light at the end of the tunnel for you, however, don’t make this a reason to force through a divorce. So, during a divorce selling a house in Englewood, there are some good things you can get out of the entire experience and we have some of them in this article.
You’ll have an easier time budgeting and better control over your finances
Sometimes, the cause of divorces is continued fights over money in the house. When this marriage comes to an end, it also means that the end to fighting over money has come. There is no more struggling over which category gets priority over the others in the budget. You don’t have to spend the entire evening trying to plead with your partner to rein in spending, which basically means you have some freedom.
What you need to know is that this scenario will definitely work out for one person and it won’t be the same for the other. If your partner was a spendthrift, for instance, you might find yourself with more savings after just a few months of separation while during the same period, your ex may have accumulated a massive debt.
You gain early access to retirement fund without any penalties
There are not so many times that one can pull money out of their retirement fund early without paying any withdrawal charges and one of these ways is when going through a divorce. When a qualified domestic relations order is reached during a divorce proceeding, the affected are allowed an early withdrawal of funds from the account in question.
Typically, withdrawing money from your retirement account earlier than usual will attract a fee of 10%. But during a divorce, you will be exempted from paying this fee and instead withdraw the money without any penalties.
Note that it’s not one of the best moves to cash in on a retirement account, however, we all know that sometimes desperate times call for desperate measures. With this move, divorcing couples will be presented with some more options they would otherwise have not had, especially when it comes to their financial positions. Don’t make the mistake of splitting your savings without the help of an attorney or financial planner because it can be costly in the long run.
Better investment returns
Men are known to take a more aggressive approach and more risks in investing, something that makes women less likely to fully invest in equities and as a result, they earn marginally better gains than men. In the event of a divorce, women have a better chance of improving their investment returns and subsequently take over their own retirement planning, something that should turn out positive in the long run.
More college financial help for children
During a divorce selling a house in Englewood, the most affected are usually the children, however, this doesn’t mean they lose everything. Like anyone else in the divorce, children also have a place where they come out with heads above the water and this has everything to do with college financial aid. The custodial parent will have to provide information to the Free Application for Federal Student Aid (FAFSA), which basically means it’s only them that will handle the children’s additional financial aid.