Jamie Graham & Associates, PLLC

Look for positive financial changes in a divorce

Now that the holiday season is over, many Texas residents and others around the country are settling back into their normal routines. Statistics show that January typically sees an uptick in the number of filings for divorce. So, life for those who have recently gotten a divorce or are considering a split may seem anything but normal. However, experts point to some possible financial benefits that can occur during the divorce process.

Some people may be eligible to receive Social Security spousal benefits when they reach age 62. This is possible if the individual is currently unmarried, was previously married for at least 10 years and the ex-spouse is over age 62. Even if someone is remarried, he or she can still receive this benefit after the current spouse files for benefits.

Financial advisors also state that a portion of a spouse's IRA may be included in a settlement. This often happens when an ex-spouse fails to make changes to beneficiaries in an IRA or other retirement account. Also, filing for taxes as single instead of jointly often puts someone in a lower tax bracket.

Finally, one of the most significant financial benefits that can arise from a divorce is control. Being able to make decisions regarding money is important, particularly if there had been financial problems in a relationship. An individual would be free to invest and save according to his or her tolerance for risk.

Divorce can bring many changes to someone's life. It would be beneficial to look toward the potential positive changes it can bring, especially where finances are concerned. A knowledgeable Texas divorce attorney will work with clients to make sure his or her finances are protected both now and for the future.

Source: newsday.com, "Divorce can bring unexpected financial benefits, experts say", Sheryl Nash-Nance, Dec. 31, 2018

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At Jamie Graham & Associates, PLLC, we have received a variety of honors and awards for our family law services. Members of our team have been listed as Top Lawyers in San Antonio Scene magazine. We take pride in the number of positive reviews we have received from satisfied clients. On AVVO, a lawyer rating website, we have received an 8.9 rating overall and many positive ratings from clients and colleagues.

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