The Financial Side Of Divorce For Men
The end of a marriage is hard on both spouses, but it’s often the wife who is depicted as being left holding the bag. The reality, according to a matrimonial expert, men are often ill-prepared for the financial and emotional aspects of divorce.
It’s important to go into divorce negotiations knowing the numbers. A divorce between two people who have simply agreed to par and that doesn’t involve children, may be fairly inexpensive. However, if there’s a large net worth, a business or minor children, the costs quickly add up. It is recommended that men not be bitter about paying alimony. It helps the spouse who was supported during the marriage so he/she could focus on the family. Men who make less or took on the role of stay-at-home parent shouldn’t be too proud to take alimony from their ex-wife either.
Men also need to consider a budget for a post divorce life. It’s common these days to have joint custody agreements, so it’s necessary to budget for clothes and toys so the kids are comfortable in both of their homes. Things need to be divided equally between the couple as well. Men are often used to supporting their wives and possibly still have a strong attachment to her. This can sometimes lead to some unequal settlement agreements that end up causing resentment.
Couples in the middle of divorce negotiations often can’t think clearly. A divorce attorney may be able to help with the situation by reviewing the case and making recommendations regarding property settlements, custody agreements, alimony and child support. An attorney may also review the family financial situation and make recommendation for a fair split of the marital or business assets.
Source: Forbes, “What every man needs to know about the financial side of divorce“, Hayley Krischer, September 27, 2013