In a previous blog, we talked about finances for women going through a divorce. Now, it’s the men’s turn. The divorce experience is as different for men and women as, well, men and women. Nowhere is that more apparent than in family finances. Even though men tend to fare better financially than women post-divorce, it is still important to consider some financial tips for men who are going through a divorce.
Learn Everything You Can About Your Finances
It may be difficult to negotiate a reasonable divorce settlement if you don’t know what’s involved. What bank accounts do you and your spouse have? How much debt do you have? Did you or your wife take the leading role in financial decisions. Make sure you know where you stand.
Make an Inventory of All Property
At this point, don’t worry about whether it is community property or separate property. Account for cash, bank accounts, real estate, personal property, and other assets. Prepare a list that is as complete as possible. Then put it in a safe place.
Explore Spousal Support Options
Some men resist paying spousal support. The reasons vary. Sometimes the husband took a greater role in financially supporting the family while the wife focused on home and children. Others may be worried they won’t have enough money to live on.
Some men resist receiving spousal support. In divorce cases where the wife makes more money than the husband, or where the husband takes an increased child custody role, the wife may pay spousal support to the husband.
Prepare for Child Support
Whether you will pay and how much depends on a number of factors. The judge hearing your divorce case will enter an order for one or both parents to provide a certain amount to cover a child’s living expenses.
Make sure you provide complete and accurate financial disclosures. The court will consider both parents’ net disposable income when deciding on child support.
Hold Off on Impulse Buying
Depression or even a sense of freedom sends some men over the financial deep end. This may not be the best time to buy a boat, go to Vegas, or move cross country. If possible, wait until after the divorce is final before making any big decisions.