Post Tagged with: "Financial advice"

Expert Financial Advice for Men Undergoing Divorce

Gavel on top of moneyDivorce is difficult for both parties. Men, too, deal with anger, depression and turmoil during divorce. One of the biggest worries they have in divorce is the financial issues connected to it, Feldman & Lee PS shares. Sound advice and legal aid on financial issues during divorce are essential.

Don’t take this advice from just any divorce lawyer, though. The best-placed expert to advise you on these issues is a defense lawyer in Kent who has specialized on issues concerning men in a divorce. Here are a few DOs and DON’Ts for men on the financial aspects of divorce.

Explore alternative child support solutions

It is natural to want evidence of how the other parent uses your child support. Unfortunately, statements, invoices and receipts cannot itemize every child care expense.

A hybrid solution is the best approach. This involves paying service providers directly where applicable instead of giving money to your ex. You could, for instance, pay your child’s tuition fee directly to providers. Be sure to document these, however.

Get current financial updates

Talk to your spouse and ensure you know your current financial standing. Ask for full disclosure of financial accounts and records and be ready to disclose your financial information fully.

Get the complete picture of your debts, taxes, credit card accounts and other items of your finances to avoid unpleasant surprises.

Establish individual accounts

To financially prepare yourself for divorce, start setting up separate accounts. These include savings, credit cards, retirement, paychecks, deposits and checking accounts. This is because you will split all assets and accounts held jointly with your spouse equally.

If you already have a will, adjust it after your divorce settlement. This will help you avoid gray areas in future and ensure your loved ones are well taken care of.

Proper financial planning averts future emotional and financial pain.

September 25, 2018 at 5:24 pmMind of Money