Ending a marriage is one of the hardest things to do. Although its emotional and psychological aspects are obvious, one can’t ignore the financial implications of their divorce.
Divorce can be expensive—there’s no other way to put it. And it can be even more financially challenging for men with families. Coupled with the legal costs, they have to pay child support, alimony, and other expenses.
That’s why financial planning is crucial for men getting a divorce. The average cost of divorce can be anywhere between $4,000 and $15,000 (or more). But, different factors affect the cost and so, the average cost typically varies among couples.
If you’ve decided to part ways with your partner, here is how to go about it without breaking the bank:
Evaluate your finances
Before filing for divorce, assess all the finances that you share with your spouse, including assets, bank accounts, credit cards, loans, etc. This will make it easier for you to divide things equally.
Not to mention, you can then create a realistic budget to prioritize all the divorce-related expenses.
Open bank accounts in your name
In case you and your spouse have joint accounts, apply for separate bank accounts. Having joint accounts (loans, credit cards, etc.) means you will be liable for their financial transactions.
Not only is opening individual accounts important for separating your finances, but also for establishing your own credit history.
Divide property amicably
Property division can be the most challenging issue in a divorce. It’s advisable to consult a competent lawyer to proceed with the division.
Typically, the majority of couples end up reaching mutually agreeable settlements, i.e. both parties pay mortgage or one party keeps the house.
Assess child support payments
While child support covers basic necessities—such as food, clothing, shelter—you may want to go over it with your spouse.
It’s important to cut off anything that your children may not need. You can also send money to a service provider directly to avoid fighting over the money with your ex.
Revise your will
Don’t forget to change your will to exclude your ex from inheriting your assets. That being said, former spouses are excluded from receiving assets in most states.
Get a professional lawyer
Although people have a perception that divorce attorneys are expensive, you can’t undermine their significance.
The reality is that divorce cases can get messy, complicated and can often drag on for years. If you wish to keep your sanity intact and safeguard your financial assets, you need a certified, skilled, reliable attorney.
For expert divorce lawyers in San Diego, California, we’ve got you covered! Our professional lawyers can help you with a wide range of issues, including child support, spousal support, property division and more. Call at (619) 234-3838 to set up your initial consultation.