Divorce isn’t easy for any of the parties involved. It not only strains your emotions, but also your finances and even your physical condition. People often sympathize with women going through a divorce as they more readily show their emotions. Men often don’t express themselves as freely. For that reason, they often have to face the strain of the divorce alone.
It is just as important for men as it is for women to seek support during this difficult time. Seeking guidance and support from family, friends and peers can help you regain mental and emotional balance. It can also help you protect yourself financially.
Financial Tips for Men
Your finances are likely to suffer as a result of going through a divorce. However, with some guidance, you can prevent total ruin. The following tips will help you secure your financial future as you face divorce head on.
- Know your net worth: It is important to understand your financial situation. This will help you determine just how expensive your divorce ought to be both in terms of your legal fees and any division of assets.
If you want to reduce the expenses associated with divorce, ensure that as many of your concerns with your partner are straightened out prior to going to court. Be straightforward with your partner and try to reach an agreement as soon as possible.
Understanding your net worth will help you plan your finances better. You can calculate your expenses and determine your lifestyle after divorce and what you will need to do in order to achieve your financial goals.
- Be prepared for alimony: In many cases, men are the primary breadwinners in the marriage and will have to pay alimony. This is especially true if your partner left work to be the primary caregiver to your children. While you may not want to write checks to your spouse, it is important to be objective about the situation. You will better prepare yourself to negotiate for better alimony terms.
- Learn to budget: If you don’t already budget, now is a good time to start. There are a number of free online budgeting tools that will help you with this process. Consider your expenses including the legal fees. You should also consider your personal expenses now that you’re no longer living with your spouse. Be sure to come up with an effective budgeting system that will help you sustain your new lifestyle.
- Take a long term view: Life on the other side of divorce will be different. You will no longer have a partner to share your financial and other decisions with. You will be reliant on a single income. When your divorce has been finalized, you should revisit your financial goals and set new ones to suit your new situation.
If you’re going through a divorce in Shreveport, please give us a call. We can offer guidance to help you start off on the right foot.