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Divorce may lead to an improved financial path for some couples

On Behalf of | Nov 11, 2021 | Divorce |

With marriage problems that include serious financial issues, some couples may find that a divorce improves their circumstances. As reported by U.S. News, ending a marriage for many couples could also end struggles involving money or a budget.

In a 2018 Harris Poll survey, at least one-third of American adults claimed their relationships experienced stress stemming from financial issues. By viewing divorce as a new beginning, some individuals have options for a rewarding life as a single adult.

Single individuals may have more control over their finances

Some couples begin running into problems when one spouse enjoys spending and the other prefers to save. By having complete control over a budget, a single person generally determines how to spend his or her income.

Savers, for instance, often decide to contribute more money towards retirement. Without a spouse’s input, an individual could also invest or start a child’s college fund. Whether a single person wishes to pay off debt, save or travel, he or she avoids straining a marriage.

Divorce could include revising credit accounts

USA Today notes that eliminating shared debt could help avoid credit problems in the future. Pennsylvania couples generally have joint accounts such as unsecured loans or credit cards. If one individual defaults on a debt, both account owners may experience problems with their credit reports. For this reason, some couples look for a way to pay off their debts while dissolving their marriages.

Divorce in the Keystone State requires dividing debts fairly. Spouses with money problems could also choose to negotiate a settlement that helps lessen their financial burden. Two individuals going their separate ways may find a more fulfilling lifestyle based on their personal budgeting goals or spending habits.