Men often face certain financial challenges when they seek divorce. According to some experts, this can place undue stress on men and cause them to make poor decisions or even to face physical illness due to worry over financial problems. However, it does not have to be this way. Men can make good financial decisions in the divorce process that will leave them with more money and protect more of their future assets with the help of a good divorce attorney.
Here are some financial tips for men who are considering divorce:
- Understand that costs vary widely. The cost of a divorce is so specific to the individual’s situation that it is almost impossible to guess how much one will cost. That being said, a general rule is that the more complicated your divorce, the more money you will spend. For this reason, it pays to keep your divorce simple. This means that you may have to make decisions on what is important enough to fight over and what you can let go without an argument.
- You may have to pay alimony. It is common for men to be required to pay alimony, especially if they are making a great deal more money than their wives. Talk to your attorney about a reasonable amount and length of time for your alimony payments so that you know what to expect. On the other hand, if your wife makes far more money than you, it is possible that you may be entitled to alimony yourself.
- Think about alternatives to direct child support. One big problem many divorcing fathers face is a feeling that their child support money is not going directly to the support of their children. If this is the case, there may be alternatives that can help you feel more secure. For example, instead of agreeing to pay a certain amount per month directly to your ex for daycare, you might agree to pay the daycare provider directly and to deduct that amount from the total of your child support amount.
- Be sure that you divide things equally. Most men err on the side of giving up too much to their former spouses, and this can create an inequitable division of property. Listen to your attorney and follow his or her advice on creating a fair property division agreement.
The attorneys at Men’s Legal Center are here to help.