Divorce can be expensive, especially if you’ve been married for decades and have accumulated significant assets. However, there are some surprising financial benefits to divorce you may not have considered. While these might not make up for the time, expense and emotional cost associated with divorce, they are a silver lining.
When your kids fill out their FAFSA, the government will ask about parental income. Pay special attention to questions 16 and 59. They want to know whether either or both incomes should be considered before doling out assistance.
If you’re divorced, only one income is considered: the parent who spends the most time with the child. Your child may have greater opportunity for financial aid based on that single income.
Healthcare is expensive, especially if you need long-term care. If you need Medicaid assistance, you won’t be eligible until you meet a certain low income and asset threshold—include joint marital assets. Some couples choose to divorce to protect their hard-earned home and other assets, so the sick partner is eligible for Medicaid coverage. Even if you aren’t divorcing specifically for healthcare reasons, you may end up qualifying for Medicaid coverage as a result.
If you meet certain requirements, you may both be able to collect a full Social Security spousal benefit once you hit full retirement age, while allowing your own benefits to thrive until age 70. This is only available to one spouse when you’re married.
It’s important to talk to an attorney before you file for any of these benefits. They all have specific eligibility requirements, which could affect other parts of your finances, divorce proceedings or other aspects of life.
For trustworthy divorce assistance in St. Paul, MN, call Appelhof, Pfeifer & Hart, P.A. today.
"Tori had a thorough understanding of my situation and made excellent recommendations to resolve my concerns. She was persistent on communication and handled everything in a very timely manner. I would definitely hire her again in the future if needed." - M.K.
"With Appelhof, Pfeifer & Hart, P.A., it is like having a family physician. They are all knowledgeable, thorough, comforting, and the only call I need to make for all my legal needs for many years to come. No matter what the matter, I totally trust their advice and commitment to me and my family." - J.N.
"Mary from APH Law helped me thru a difficult divorce. She and the entire staff was there for me every step of the way helping me on what to do next. They listened to what I wanted and helped me achieve what matter the most to me in the divorce settlement." - Dana C.
"I chose APH after my initial consultation with Mary. I felt my best interest would be represented. The entire process went excellent, the attorneys and staff communicated effectively and efficiently with me throughout the process as they needed to. Being new to the legal process and verbiage, they walked me and talked me through the next steps and the jargon, I felt completely comfortable and represented. I hope I never have to use legal services again but if I do I will call Mary at APH Law and know that I will be taken care of." - Jeff M.
"Divorce is a time of emotion and stress. Mary Pfeifer , My lawyer was professional and compassionate. She was very informative through the process. Her insight helped me in my decisions. She worked hard to obtain a settlement which was fair to both parties. Though, I hope I won't need her help again. It is reassuring to know a good person that is willing to help." - Rod S.
"I first came to Ms. Jacquelyn Lutz of Appelhof, Pfeifer and Hart in October of 2016. It was definitely the worst time in my life and she compassionately spoke with me about my options. Ms. Lutz thoroughly explained the laws, statutes, process and what to expect going forward. What was supposed to be one case, turned into three intricate cases that took a huge toll on me and my family. Ms. Lutz represented me in court on all three cases with a vast knowledge of the laws and how to proceed accordingly. During all three cases she kept me informed, calm, gave me resources to utilize, and (most important) gave me a realistic view of what may come next. Ms. Lutz knew each case required a great deal of knowledge and creative thinking on how to legally proceed forward with each case. My family and friends are forever grateful for the amazing representation by Ms. Lutz. I highly recommend Ms. Lutz for anyone needing or considering superb representation for any kind of family law. " - M.H.