9 Tips for Men Facing Financial Hardships During Divorce

As a man facing divorce, there is a lot you go through with little support. You might be constantly wondering how things will turn out at the other end- whether or not you will get enough time with your kids, how you and your spouse will work everything out, and so on. One of the major concerns for fathers getting divorced is the time and money spent on the process.

Some men understand the importance of saving money during the divorce process; for other men, some critical divorce issues end up hogging most of their attention. Either way you look at it, finances are a pressing matter worthy of concern during a divorce process.

Since divorces come with a price tag, it is important to consider how much you can afford to shell out in the process. The last thing you want is a lot of money wasted in the divorce process.

Maintain your desired quality of life throughout the divorce process by using these tips.

Build a Trustworthy Team

While going through a divorce, men are often prone to feeling intense emotions. The emotionally charged circumstances might compel you to make the wrong choices. This is when you need a trusted financial advisor, lawyer, and accountant by your side.

These professionals can help you make wise financial decisions all through the divorce process, allowing you to save money you might have otherwise spent in the spur of the moment. Financial decisions should be based on logic more than on emotions. Seek help from a trusted team of professionals to guide you along the economic lines.

Expensive is NOT Always Worthy

Quit believing that all expensive services are the best. You might feel inclined to hire the most expensive lawyer in town to win child custody for men in New Jersey and negotiate alimony.

However, a lot of other factors play a role in determining how efficient any professional is.

Expensive is not always the best. Take the time to understand in depth all the services you need and make informed financial decisions. Considering your spending power and your post-divorce future will help you create a spending limit. Learn about the quality of services offered by various professionals (therapists, lawyers, financial assistants, etc.) and ponder their importance to your situation. Calculated spending will prevent you from wasting money in useless places.

Separate Your Cards and Financial Accounts

You don’t want an emotional drama surrounding finances while going through a divorce. If they are not already, separate your joint accounts and credit cards right away. This will save you the hassle of monitoring how much you or your spouse is spending after filing for divorce.

Often, these issues spring up during the divorce process, opening channels to unnecessary disputes. Reduce the potential for conflict and keep finances straight and simple throughout the divorce process.

Get a Real Picture of Your Budget

Family lawyers for men in Nutley, NJ suggest fathers and men going through a divorce plan and chalk out their budgets during divorce. They also encourage their clients to project their financial needs post-divorce.

The financial picture changes a lot after divorce with one less adult contributing to the household. If there are children involved in your case, consider how much you will potentially spend on their needs.

Track your expenses and cut back where you can. Outlining a crystal-clear budget will help you predict financial responsibilities and plan your expenditure during divorce accordingly.

Straighten Out Financial Imbalances   

If your spouse has always kept track of finances, this needs to change. Try to keep up with the finances as soon as you file for a divorce. You need to know how much money comes into the household and where it is spent. If your spouse has been in charge of finances up until now, ask them to involve you.

Knowing about the flow of finances in your household will help you negotiate a fair settlement when you enter the divorce process. Get on a level footing with your spouse when it comes to handling finances and documenting them.

Set into a New Lifestyle

There are a lot of changes after a divorce. Your income might not allow you to keep the family home, and you might have to do away with some of your habits that involve spending heavily.

Get into a fresh lifestyle where you prioritize your needs and responsibilities and plan finances wisely. Your post-divorce living standard will likely drop to some extent. Prepare for the change to make the process easier.

It makes sense to downsize your expenses and move into a smaller home until you can get back on your feet and afford the lifestyle you are used to.

Strive for Financial Independence

Fathers’ rights allow men to receive alimony payments when their spouse was the higher earner in the household. Either way, aim to be financially independent and not rely on your spouse’s child support or alimony. Life can take unexpected turns, and your spouse might lose their job or need to take time off from work.

When that happens, you should be in a condition to support yourself and your children. Focus on improving your earning capacity so you are prepared to take on any financial challenge in the future.

Protect Valuable Assets

If your spouse might hide or sell assets that were purchased with marital funds, protect them. Know that these assets will be valued and split during the divorce process.

Safeguard these assets while not hiding the fact that they are in your possession. Never sell any property you bought with marital cash during the course of a divorce. You will need to pay for any sold assets at the time of the divorce settlement negotiations.

Avoid Impulsive Decisions

Family lawyers for men advise you to refrain from making any major financial decisions for at least 6 months during your divorce process and after your divorce gets finalized.

Don’t move to a new city or change your job on impulse.

Family lawyers for men believe that with a little caution and patience, men can sail through these hard times. Adapt to circumstances and be prepared for a challenging financial future; men are often the ones who pay child support and alimony while also supporting their own lifestyle.

While divorce can be frustrating and devastating, it’s like any other change that feels highly uncomfortable at first until you settle down in the routine. Know that things will get better. Continue to make the right choices. It is also desirable to take help from therapists to keep your sanity intact and financial advisors to get a clearer picture of your finances and plan ahead of time.

About Author :-

Brad M. Micklin, Esq., is the lead family lawyer Montclair and managing member at The Micklin Law Group, LLC. For more than 22 years, he has helped men through some of the toughest, most emotional experiences in their lives, including child custody battles.