Depending on your current relationship with your soon-to-be-former spouse, you may struggle to come to terms with your divorce. Even if you agree the two of you should divorce, it may not make the split easier.
U.S. News & World Report explores the monetary advantages of divorce. Examining your split by the slice rather than as a whole could help ease you into the next chapter of your life.
Accessing your retirement fund
If you need financial help during and after your divorce, you may think about tapping your retirement fund early. Because you need the funds for divorce, you do not have to worry about enduring early withdrawal penalties. Consider drafting a qualified domestic relations order with your current partner to better ensure you do not face early withdrawal penalties.
Controlling your finances
Did you and your soon-to-be-ex-spouse argue or disagree about how to spend or save money during your marriage? If so, divorce means you gain full control over your financial health. No longer must you compromise, and no longer must you feel like your spouse makes all the major financial decisions in your marriage.
Enjoying potentially greater investment returns
Perhaps you and your partner shared an investment portfolio, and maybe your spouse made all major portfolio management decisions. If you have different investment styles, divorcing clears space for you to be as conservative or aggressive as you wish, which may net you better returns on your investments.
Divorce often comes with various ups and downs. Having a better understanding of the advantages could help you weather the disadvantages as you figure out your next steps.