When it comes to advice concerning the end of a marriage, the vast bulk of what is written is geared toward advising women. Wives are presented with a wide range of resources concerning their legal options, financial planning and negotiation strategies as they prepare to end their marriage. Advice aimed at men is much harder to come by. One recently published article aims to educate men in Florida and elsewhere on the top issues that they will face when they begin the divorce process.
One of the most important considerations involves gaining a clear idea of what the divorce will cost, and how one’s finances will sit once the process is complete. This means calculating the cost of any alimony or child support payments that are anticipated, as well as understanding the financial hit that investments and retirement savings will take. It is also important to work out how existing debts will be divided.
The next step is to sit down and work out a budget for the months and years following the divorce. For some men, this will be a simply exercise involving a compilation of income and expenses. For those with a more complex marital estate, it may be beneficial to work with a financial planner to determine a workable budget.
Men in Florida who are facing divorce are often under a great deal of stress, in large part due to the financial uncertainties of moving forward as a single person. The best way to combat this stress is to take advantage of these and other tips to take control of one’s financial future, and therefore eliminate much of the uncertainties that lie in the divorce process. As with any other major life change, staying on top of the financial ramifications of a divorce is the best way to avoid costly mistakes and plan for a stable future.
Source: theweek.com, 8 financial tips for men getting a divorce, Hayley Krischer, Sept. 30, 2013