What should a man do? You might have seen that there are many services aimed at supporting women through a divorce. This often happens because men are more likely to have managed the finances during the marriage, leaving women needing extra support. However, this isn't always true, and men sometimes find it challenging to locate the resources they need.

Even if you've managed your family's finances throughout your marriage, it's crucial to fully grasp both your financial and legal options. From my experience in assisting men, I've noticed some common errors to avoid, which could end up saving you money!

1. Assuming that all assets belong to you because your wife didn't have a job.

Understand that if you've been married for a long time and your wife primarily focused on being a homemaker and mother, she likely worked as hard as you, if not harder. Everything you've accumulated was built together as a team, and both of you deserve a fair share. Even if you've repeatedly asked your wife to work and she consistently refused, you still accepted and contributed to this dynamic. It's time to move past it.

2. Refusing to relinquish retirement assets.

Many men are emotionally attached to their pensions and retirement plans, and they often negotiate to keep these assets in a settlement. However, remember that both pensions and retirement funds are considered taxable income when withdrawn. If you have consistently earned more than your spouse, you'll likely remain in a higher tax bracket. Capitalize on this by allocating the entire settlement of retirement assets to her, adjusted for her lower tax rate. This approach has saved many couples I've worked with tens of thousands of dollars in taxes while benefiting both parties.

 3. Resorting to intimidation.

Fear often manifests as anger during the negotiation process, and I've observed many men mistakenly believe that displaying anger will be advantageous. This approach is profoundly misguided. It's important to recognize that both parties are likely feeling scared. It’s beneficial to work with a Certified Divorce Financial Analyst® who can integrate future financial planning into your settlement negotiations, ensuring that both parties' concerns are addressed fairly.

 4. Not Seeking Assistance.

My final piece of advice is to acknowledge that there are things you may not know. Often driven by the desire to save money, many men try to handle their divorce independently, drafting their own paperwork. This is a mistake. Divorce involves numerous complex financial and legal details, and you could save thousands of dollars by ensuring that everything is handled correctly.

 At Pathway Divorce Solutions, we are committed to shaping a brighter tomorrow: guiding you through divorce with kindness, respect, in a more affordable way for everyone involved. Allow us the opportunity to assist you.