Men face many dilemmas in the midst of divorce aside from financial turmoil. Yes, what they face on a daily basis is an emotional trauma that one cannot understand until they have experienced divorce firsthand. A man may have many financial complications after they have received notice that a divorce is in action. However, emotions are not as quantifiable as money and could take a drastic toll on a man. He may deal with emotions regarding denial of the issues at hand or how he can face the divorce from a financial standpoint.
Unfortunately, denial is something that you cannot deal with head-on when you are maintaining your finances at this desperate time in your life. This is why you must step back and affirmatively and rationally consider what aspects of the divorce process you must settle first and foremost. By understanding some of our divorce tips for men, you can apply yourself and tackle important aspects of the process.
Advice and Tips
Documents: When divorce has struck you and your family, you should take care of your documents at all costs. Move your documents and other important papers elsewhere, such as a friend’s house or an attorney’s office. You never know when the other party in a divorce will be going through your desk and attempting to obtain financial information and evidence that they can use against you.
Bank Accounts: Divide joint bank accounts in half and deposit that money in your name. However, if you are the breadwinner in your family, you should never leave your family without money to their name. The judge will be angry about this and possibly make you give some of the money back in the end.
Stocks: Divide any stocks or bonds that you hold jointly with your ex-spouse. However, you will want to keep future taxes in mind.
Credit Cards: Close any joint credit card accounts that you have with your ex-spouse, because you do not want to be “cleaned out” in the event of a divorce. You should obtain a return receipt letter to show your ex-spouse and others that you are no longer responsible for the expenses involved with this credit card.
Insurance: Never drop a spouse or children from an insurance policy until the divorce is final. You may be responsible for medical bills until that point anyway.
Expenses: Cut costs as much as you can after a divorce has been mentioned. If there are extra expenses that you feel you do not need, cancel them.
Pensions: Your wife may share in anything that you contribute now to your pension plan at work. You should take care to fill out paperwork that has your employer stop contributing to your 401(k) account or other pension plan.
Inventory: Make a detailed list of everything in the house including furniture, appliances, clothing, and more. If something goes missing, you will have evidence of it in the first place.
Valuables: Always move valuables out of the house and keep them in a safe place. You should always let your ex know, but move what is sacred to you before it goes missing.
Speaking to an Attorney
Finding a family lawyer to settle your case is in your best interest from the very beginning of your divorce. You will be able to receive the best advice necessary to handle your case based on the circumstances. Give us a call today to help you with your case as soon as possible. Act immediately and keep these tips in mind.
