Could divorce actually lead to a rosier financial picture?

Married men in St. Louis who are unhappy in their marriages might be able to think of several reasons why a divorce would be the best option for them and the long-term success of their children. Of course, many people are able to think of almost as many reasons why divorce wouldn’t be a good idea — and one that comes to mind frequently is finances.

Conventional wisdom holds that people who get divorced will a rough go of things from a financial perspective. After all, while a family may have lived together in a single-family home, now two homes will be required — requiring a second set of furnishings and a second mortgage or rent payment. The cost of utilities will rise too, as services can no longer be shared.

But does all the financial impact in a divorce have to be bad? One survey finds that many people actually see an improvement to their credit score after they get divorced. In fact, about 30 percent of folks said their scores improved significantly.

One revealing part of the survey found that people whose credit scores dropped after divorce more often said that they were divorced, at least in part, for financial reasons. Among people whose credit score went up, more than 40 percent said monetary concerns weren’t part of their breakup.

What people can take away from this data is people tend to get out of post-marriage life what they put into it. In order to get the most out of life after divorce, consulting with an experienced family law attorney doing the process can help to provide a better understanding of what you need to do in order to succeed.

Source: MarketWatch, “Want to boost your credit score? Get divorced,” Christine DiGangi, Feb. 13, 2014

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