There is no getting away from it; money plays a key role in the day-to-day lives of everyone. Housing upkeep, education and health care are all top priorities for the average family, and none of them are free.
As a result, money has the potential to cause tension in a relationship. Spending habits, saving practices and financial priorities often result in the breakdown of a marriage. Additionally, the cost of divorce itself can be significant, especially where matters are highly-contested.
However, it is important to note that everything concerning divorce does not have to be doom and gloom. Divorce can present an opportunity for a fresh start, including with your finances.
Less income doesn’t necessarily mean worse off
While the combined income of two people will be higher, combined spending also has to be considered. If your partner was wasteful with resources during the marriage, you might be surprised to find yourself better off after divorce. Your post-divorce life offers you a blank slate to work from, and if you are savvy with money, you may be able to avoid financial hardship.
Greater control over your budget
As a couple, the task of budgeting was most likely shared. While you and your former spouse may have had much in common, your financial priorities could have differed. Being single allows you to create a more personalized budget that is tailored to your needs. You may soon find yourself clearing personal debts and having the freedom to travel or invest money into obtaining lifelong goals.
While there are many financial implications of a divorce, not all of them have to be negative. As you go through the process, be sure to take note of your legal rights as a spouse in Philadelphia.