California men should make wise financial decisions in a divorce
When it comes to divorce, movies and television often portray men as either angry or sulking. In reality, divorce is a major life event for both men and women. Machismo aside, divorcing husbands do hurt emotionally. A divorce can hurt the financial side of their life as well.
Family law attorneys and financial planners know that a complicated divorce can be expensive, but there are ways to maintain affordability. One way to do this is by keeping the proceedings as simple as possible. An open line of communication between both parties can lead to better and faster negotiations, easing property division and other differences. This may also help weed out unusual financial circumstances.
The subject of alimony will most likely crop up during divorce proceedings. Instead of resenting the thought, experts advise that a male spouse look at the positive side, alimony is tax deductible. Tax savings can be a great help, especially for a person who is starting a new life. Also, with more and more women being the primary earner, divorcing men should be open to receiving alimony payments.
Moving past the divorce, setting up a budget for one’s new-found single status is a sensible move for divorcing husbands. Of course, the budget may include child support payments, alimony costs or receipts and everyday expenses. Advisors recommend avoiding impulsive financial decisions. Men might think their new-found status gives them the right to splurge but it is best to keep their financial standing as-is for at least six months to a year – enough to deal with the transition.
In general, the financial side of a divorce can be complicated whether one is male or female. However, for Orange County divorcing couples, it is best to remember that disputes can be reduced through legal guidance.
Source: Forbes, “What Every Man Needs To Know About The Financial Side of Divorce,” Hayley Krischer, Sept. 27, 2013