Financial aspects of divorce for men
Posted on behalf of Michael D'Amico of D'Amico & Pettinicchi, LLC on Oct 04, 2013 in High Asset Divorce
Connecticut men going through divorces may not always give thought to some of the financial aspects involved in the process. However, there are several monetary considerations that need to be taken into account.
A threshold issue is how much the divorce will cost. Experts have estimated the cost of an average divorce to be $20,000, including legal fees, appraisal costs and relocation expenses. In instances where a couple can collaborate and communicate openly to come up with a divorce settlement on their own, the process can cost as little as $3,500. Conversely, high asset divorces that require complex litigation could end up costing in excess of $50,000.
Men should also be prepared to pay alimony if they are ordered to do so. Alimony, which is tax-deductible, is designed to provide monetary assistance to the spouse who was supported during the marriage, especially in cases where one spouse gave up employment to stay at home and focus on raising a family. They should also realize that, contrary to longstanding perception, alimony is not only for women. A man who gave up pursuit of a career so his wife could pursue hers may be entitled to be awarded alimony payments, and his pride should not interfere with his receiving them.
An individual going through a divorce that involves substantial assets may wish to speak with an attorney that has experience in high asset divorces. Such an attorney may be able to provide assistance in developing a plan for the equitable division of the marital property. The attorney may also be able to help in determining the valuation of those assets.
Source: Forbes, "What Every Man Needs To Know About The Financial Side Of Divorce", Hayley Krischer, October 27, 2013