Oscar-award winning “Crash” director Paul Haggis is definitely feeling the financial pain that divorce can cause. According to reports, the Hollywood power player’s monthly expenses include $20,000 for spousal support and $5,000 for child support. That’s $300,000 annually.
Because many men do not have the resources or support to deal with the financial side of divorce, we’ll talk in this article about things that every man should know about it.
Costs of Divorce
No two divorce cases are alike, therefore the costs of the split will vary. One popular saying is that it typically costs more to get divorced as it does to get married. It’s important to have a general idea ahead of time how much the process will cost.
Remember, there’s more to consider beyond attorney fees and court costs, there’s also things like finding a second place to live, clothing, new toys for your children when they visit you at your new place, etc.
Don’t Be Too Proud to Pay or Accept Alimony
Hardly anyone enjoys writing an alimony check to their ex-spouse, but remember this: If you’re paying alimony, you can deduct that money on your next tax returns. Likewise, if you’re receiving alimony, you’ll need to report that as income.
Men receiving alimony is a growing trend. According to the American Academy of Matrimonial Lawyers, 47% of divorce lawyers have observed an increase in more women paying alimony to their former husbands.
Avoid Rash Decisions
In general, you should wait 6-12 months before making major financial decisions. If you’re thinking of switching jobs or moving to a new city, just sit tight and maintain the status quo for a little while until your situation settles.
Consider an Uncontested Divorce
If you and your soon-to-be-former spouse are on relatively good terms, an uncontested divorce may be the best route for both of you. The processing times for uncontested divorces are much shorter and the associated costs are much lower.
Men’s Legal Center Can Help You Get On With Your Life
If you’re considering divorce or are going through the process and are feeling intimidated by the potential burdens of the costs, we can work with you in setting up a post-divorce budget and provide you with other important financial information that can position you nicely for getting on with your life.
Call the Men’s Legal Center in San Diego at (619) 234-3838.