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The financial aspects of divorce

Men in Florida who are going through divorces might not know everything that they should know about the financial side of divorce. However, there are several monetary aspects that should be taken into account.

An important consideration is what the process will actually end up costing. One divorce expert has stated that the cost of an average divorce will be around $20,000, including legal fees, appraisal costs, and relocation expenses. In the case of a complex asset divorce, those costs could increase to at least $100,000. Conversely, in a situation where both parties can openly communicate and come to an agreement concerning their divorce settlement on their own, the amount could be as little as $3,500.

Men should also be aware that their expenses are going to change after their divorces. They might want to create post-divorce budgets to accommodate for their new lifestyles. Those with children may also consider setting up alternative child support arrangements where appropriate. While basic needs like food and clothing are usually covered in child support payments, there may be other issues like entertainment, travel, transportation, child care and uninsured medical expenses. It may often be impossible for a father to get accurate itemization for those types of expenses as well, and thus he may want to consider paying a service provider directly as part of the support agreement.

A man going through a divorce in situations where there are extensive assets may wish to speak to an attorney that has experience in such matters. Such an attorney may be able to provide advice and counsel regarding asset valuation and property division.

Source: Forbes, "What Every Man Needs To Know About The Financial Side Of Divorce", Hayley Krischer, September 27, 2013

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