Financial Tips for Men During the Divorce Process

 Posted on October 29,2018 in Family Law

If you and your significant other are entering into the divorce process, it can put a strain on your finances. Divorces can sometimes be a costly process, especially if it is a contested divorce and you and your spouse cannot agree over anything. The court process often leads to people having to take a hard look at their finances to determine how they can pay for everything now that they are alone. The divorce process is difficult on your finances, but it can be less difficult if you follow the tips listed below.

No Impulsive Decisions

Divorce changes people. It can be for the worse, or for the better. For a period of time, many people will feel distraught about their relationship ending and might make impulsive decisions such as buying a boat or motorcycle or moving to a new city without any planning. It is important to wait until you are sure you have processed the divorce before making those types of financial decisions.

Divide Equally Where You Can

Societal roles for men and women have changed from what they once were. Some men may feel it is chivalrous or necessary to give their wife more than her fair share in a divorce, but that is not the case. The exact particulars will be worked out in the divorce case, but nobody should feel an obligation to give more than what is expected by the court.

Create A Budget for Life After Divorce

If you have been married for a long time and are used to the shared finances you had when married, it can be beneficial to make a budget each month so you can visualize expenses and income to properly take stock of your finances. There are also new expenses that are solely one person’s after a divorce. For example, if you have shared custody of a child, you may need to buy new clothes, toys, and food for them in your new living space.

Paying or Collecting Maintenance

Maintenance, also known as alimony, is not only used for men to pay women. It can be used both ways. However, some men may feel insecure about collecting alimony, feeling that it shows weakness. It is not necessary to feel weakness because you are entitled to that money if the court orders it. On the other side of the coin, some men don’t feel that their spouse deserves to have maintenance paid to them because the men worked hard for that money. The wife is still entitled to that money if the court orders it, so it needs to be done.

Contact Our Experienced DuPage County Divorce Lawyers

If you need assistance throughout the divorce process and would like more information, contact our knowledgeable DuPage County divorce lawyers at Mevorah & Giglio Law Offices for a free initial consultation today. We can evaluate your sitatution and ensure you get a just and fair divorce settlement.

Source:

https://theweek.com/articles/459477/8-financial-tips-men-getting-divorce