Financial impact of divorce for Maryland men
While divorce naturally affects both parties in a variety of ways, if the husband was the breadwinner, a divorce may affect his finances more than the wife’s. When couples divorce in Maryland, the financial present and future of the husband can be altered in a number of ways. A recent report outlines tips that men involved in divorce may want to follow to better prepare themselves for impending financial changes.
One area where divorce may hit the wallet of husbands more than wives is alimony. When alimony is awarded, it can be in conjunction with child support. It can either be awarded as a lump sum, monthly payment or some other agreement. It is vital for a man to realize how those payments or any other agreement will impact his lifestyle.
When it comes to the kids, the article points to the fact that financial obligations for children can go way beyond simply paying child support each month. There may be unexpected costs, such as insurance and college fees, that can add up and not be included in child support. Also, when the father moves out and sets up a new place, he should consider the costs of furnishing a new homestead so visiting children have all they need when they are there, such as new beds, bedding, toys or other needs that will arise over the years.
Having a good idea of what divorce means to the wallet of both parties is the best way to ensure an equitable and fair settlement or plan of action is enforced. When the father or ex-husband has a good idea of what extra costs may come about as the result of a divorce, they can better prepare and customize their lifestyle around that reality. Also, Maryland fathers or ex-husbands should always know that modifications are an option if a previously agreed upon settlement or payment plan becomes too much to handle.
Source: forbes.com, What Every Man Needs To Know About The Financial Side Of Divorce, Hayley Krischer, Sept. 27, 2013