Divorce can be a difficult transition and time of upheaval for both parties involved. However, there are ways divorce affects one party over the other. Recently, tips for how men should handle divorce and the effect divorce may have on their finances. Any Pennsylvania men dealing with divorce may want to adhere to some of the tips given.
Alimony can be a significant factor in a divorce. If a wife has stayed home to take care of the children, she may get alimony that makes up for the fact that it may hard for her to gain employment. That alimony can be a lump sum, a monthly payment or an agreement to pay for certain living expenses. Paying the mortgage for an ex-wife is one option. Men who pay alimony should also know it is tax deductible.
Other areas of a man’s financial life to consider after divorce pertains to the children involved. If there is joint custody, the father may need to go out and invest in new furniture for when the kids are at his house, such as beds, toys and other needs. Also, child support can involve much more than a simply monthly amount. Things such as cost of insurance, college needs for a child, the costs of extracurricular activities and other unexpected expenses must all be decided as they can have a huge impact on an ex-husbands finances.
While divorce may initially have a huge impact on the lifestyle of both spouses, in Pennsylvania and beyond, couples can lessen the shock of that impact by working together. Careful assessment of all assets and finances can help both prepare for post-divorce financial realities. The family court system will typically work with couples to devise the most equitable resolution when it comes to the financial impact of divorce.
Source: forbes.com, What Every Man Needs To Know About The Financial Side Of Divorce, Hayley Krischer, Sept. 28, 2013
