The end of a marriage is a complex and difficult process, and it will certainly lead to some financial changes, regardless of how wealthy a couple is. Due to property division, setting up a new home, living on one income and other factors, adjustment of lifestyle and spending habits is often necessary. Divorce can bring certain financial difficulties, but this process may also offer some benefits to California adults.
For a spouse who had little control over household finances during marriage, a divorce offers a fresh start. This means more control over everyday decisions and choices that will impact long-term financial health, such as investments. Money is one of the leading reasons couples fight, and the ability to have more control over it after divorce is a significant benefit for many.
Another financial benefit for those recently divorced is the ability to access retirement funds without penalty. This means one can take the assets left to him or her through the property division process and reinvest them as desired. Early withdrawal of retirement benefits can be tricky, which is why it is prudent to consider the advice of legal and financial experts before making any important decisions.
Divorce may not be easy on a California adult’s personal finances, but it is possible to secure terms that allow for a secure and stable future. With guidance, there could be some financial benefits to those who choose to end their marriages. Before making any major financial choices or property division decisions, it is helpful to discuss long-term goals with an attorney.