4 Finance Tips for Divorcing Men
At CokerLegal, we work with many men across the entire financial spectrum. Our Denton County and Collin County divorce lawyers understand the worries and fears you and other men going through a divorce might have. We’ve compiled a list of four financial tips for divorcing men.
1. Understand the Costs
Going through your divorce with a decent understanding of how much it will cost is the best way to prepare. If you have children, own your own business, or have a complex financial portfolio, your divorce could cost significantly more than if it’s less complicated. It’s not unusual for a Texas divorce to range from a few thousand dollars to tens of thousands. Because this is such a significant range, the best way to get a clearer picture regarding the cost of your divorce is to meet with a Denton County or Collin County divorce lawyer during a confidential case evaluation.
2. Alimony: Pay it or Ask for It If You Need It
Paying alimony can be a sore subject for many men and women during divorce. No one wants to write a check for their hard-earned money to their ex, but the good news is alimony payments are tax deductible. We also urge men who may have made less than their spouse or left jobs to be stay-at-home fathers to ask for alimony when they need it. There is an unfortunate prevailing stigma against men who ask for alimony, but we always urge our clients to ask for it if they need it.
3. Update You Budget
Your finances will now be completely different than they were when you were with working with two incomes, or when you had to purchase groceries for an entire household full time. Your budget might also include new expenditures you might not have had to factor in before your divorce. Make sure you revise your budget during and after your divorce to ensure your money is being spent where you need it.
4. Don’t Be Impulsive
When huge financial and emotional changes occur in our lives, it might feel natural to want to move out of the city, change jobs, or make other big changes we know we can control. At CokerLegal, we always advise our clients against making impulsive changes until the dust settles after their divorce. Give yourself time to grieve the loss of your partner and the end of your marriage before making these changes.