What’s a man to do? You may have noticed that there are many services available to assist women who are going through divorce. This is, largely due to the still-more-likely case in which the man has managed the household finances throughout the marriage and the woman requires a little more support. But this isn’t always the case and men sometimes have a hard time getting the help they need.

Understanding the complexities of both your financial and legal options is important especially if you have handled your family finances during the marriage. In my experience working with men, there are some common mistakes to avoid that could ultimately save you money!

1. Believing because she didn’t work, the assets are all yours.

If you have been married for a long time and your wife was primarily a wife and mother during the marriage, trust me when I say; she has worked just as hard as you have. You both have contributed equally to what you have built and because of this, you each deserve your fair share.

2. Refusing to give up retirement assets.

I frequently see men who will negotiate a settlement that allows them to maintain their pensions and retirement plans because they have an emotional attachment to them. Keep in mind that when you receive a pension or retirement asset, the income is taxable. If you are earning significantly more money than your spouse for most of your life, chances are you will always be in a higher tax bracket than her. Take advantage of this and pay her the whole settlement in retirement assets that have been adjusted for Her tax rate rather than yours. This strategy has saved couples that I work with tens of thousands of dollars in taxes, and they get to share in the benefit.

3. Being a bully.

In the course of negotiations, fear can occasionally appear as anger. I frequently see men who believe that getting angry will somehow improve the situation. This is not a good idea. You both are scared. This is why working with a CDFA®, Certified Divorce Financial Analyst® will include future financial planning in your settlement negotiations and fairly address everyone’s fears and concerns.

4. Do create a post-divorce life budget.

Men typically think about the money they will need to pay up front for divorce-related costs, such as the divorce, child support, and alimony, but they often overlook how their daily expenses would change once they become newly single. This is where post-divorce transition planning comes into play. The CDFA® will guide you on these final steps and ensure the divorce plan that was created for you is financially successful.

5. Not Asking for Help.

The last tip I have for you is to realize that you don’t know what you don’t know. Men will frequently try to get a DIY divorce by attempting to draw up their own paperwork to save money. This is a very bad idea. There are so many complexities both financial and legal to the divorce process that you will save thousands of dollars by making sure you have all your bases covered.

At Pathway Divorce Solutions we want to help everyone in the divorce process to have a kinder, gentler, much more affordable process. Let us help you.