Posted on behalf of Jeffrey N. Greenblatt of Joseph, Greenwald & Laake, PA
People in Maryland have probably heard a lot about the Affordable Care Act. As Americans all over the country are struggling to figure out how the new law will affect them in the coming years. Some people have found that the new law will help them by providing expanded benefits or lowering costs, but others fear that the cost of new health insurance under the Affordable Care Act could cost them hundreds more each month.
The latter is the case for one couple who sees their health insurance rates going up next year, and they are desperate to find an affordable solution that will not cost them thousands of dollars each year. It turns out they may have found a solution, but only if the two get divorced.
Strangely enough, certain couples could be better off getting a divorce under the new health care law as the threshold for getting government subsidies to pay for care is lower for married couples than it would be for two single people filing their taxes individually. Even in a high asset divorce, if one partner makes the majority of the income, the other spouse could qualify for subsidies as a single person that could save them thousands each year.
This may seem like a radical solution, but the truth is that people get divorced for all sorts of reasons. Not all reasons involve love. If a couple chooses to get a divorce for convenience or because it will help them financially, that is certainly their right. In fact, divorce under these circumstances may be easier than in a contentious divorce, so long as both parties have the same expectations and are willing to work together on divorce legal issues. However, people should still make sure they are legally protected, and should always have an experienced family law attorney formulate and review the settlement.
Source: CBS New York, “Obamacare Restrictions Lead Brooklyn Couple To Consider Divorce,” Nov. 6, 2013