Divorce is difficult for all parties involved, but according to one financial planner, it can be very challenging for men simply because they don’t usually express their feelings. Keeping their divorce private is one thing — but going without any support system in place is another. Here are some tips for men to consider about their finances when divorcing.
— Paying alimony is a tax deduction: No one really wants to write a check each month, and this is especially the case if you feel as though your ex simply doesn’t deserve to reap the rewards of your hard work. However, look at it as the tax-deduction it is — and added income to claim for your ex.
— Don’t be too proud to receive alimony: In recent years, 47 percent of divorce attorneys have seen an increase in women paying alimony. You are entitled to it if your ex makes more than you.
— Know your divorce numbers: It’s important to know how much each of you makes, what your liabilities are and what your assets are. Keep copies of any financial records that could be important, such as bank account statements, credit card bills and much more. While you are at it, make sure you have a budget in place for after your divorce. It can be very helpful, especially for the first few months.
— Divide your property as evenly a possible: You may feel as though you owe your ex more in the divorce than you really do. Split assets evenly, though, as giving her the lion’s share can end up leaving you feeling resentful or regretful.
Your divorce attorney can give you other information about the financial aspects of your divorce. It’s okay to reach out for help during your divorce. You will need the support, too.
Source: The Week, “8 financial tips for men getting a divorce,” Hayley Krischer, accessed May 20, 2016