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Reducing the financial impact of divorce on men

On Behalf of | Oct 16, 2013 | Uncategorized

A divorce has long-lasting emotional and financial effects for all parties. When working through the divorce process, there are many ways that the losses and challenges can either be made more or less severe depending upon the complexities of the case and the ability of the spouses to work together to achieve resolutions and make agreements.

A news story recently described some of the unique potential pitfalls and ways to counteract them for men facing the end of a marriage. One recommendation was to acknowledge the need to grieve just as with a death and indicates that waiting at least one year after a divorce before making major financial decisions can dramatically help to prevent a man from making the wrong decision. This could include anything from changing jobs to moving homes.

When negotiating child support during the divorce process, fathers should make sure that the plan identifies what is to be covered by the support. In some cases, it is only intended to provide for the basics of food, clothing and shelter but can be expanded to include entertainment, extra-curricular activities, tuition and more. Similarly, fathers may wish to consider making payments directly to providers or schools rather than to their former spouses. This same concept can be applied to alimony where an ex-husband could make mortgage payments instead of paying the ex-wife every month, for example.

When emotions run high, as is common and understandable during a divorce, all parties should take care to make the right decisions based upon proper information. In an effort to achieve this, it can be helpful to work with a trusted attorney experienced in this area of family law.

Source: Forbes, “What Every Man Needs To Know About The Financial Side Of Divorce,” Hayley Krischer, September 27, 2013

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