While many men may not consider it as such, a divorce is the termination of a business relationship just as much as it is a personal relationship. Indeed, there is a final order that divides assets, and pieces of personal (and real) property will exchange hands, but there are important financial questions that men must answer before filing a dissolution petition in Texas, as well as when papers are served upon a man.
Since more than 60 percent of divorces are initiated by women, it is safe to say that some men are taken by surprise. With that said, this post will explore some financial issues that men must confront during a divorce.
The issue of spousal support – Depending on the circumstances of your relationship, the possibility of paying spousal support is something that should be considered. Divorcing spouses (particularly women) are not automatically entitled to support, and there are several factors that courts consider in determining an award. So this is an issue to confront, and not to avoid.
The issue of child custody – In the same vein, divorced men are not automatically relegated to being weekend parents with limited access to the children. This issue is decided by considering what is in the best interests of the child. As such, the issue of child support is not already decided before you get to court.
The issue of post-divorce finances – It is prudent to do an analysis of what you will need to live on by yourself, including a car payment, mortgage or rent, as well as food and utilities.
If you have other financial questions, an experienced family law attorney can help.
Source: TheWeek.com, 8 financial tips for men getting divorced, September 30, 2012