The Top Financial Problems Men Face in Divorce in NY
When it comes to divorce, there are often many financial problems that parties on both sides face. However, with men often (but not always) being the primary family breadwinners, they often incur more financial consequences when it comes to equitable distribution, child support, spousal support, and legal fees.
As a result, men often experience a reduced quality of life after divorce than they had before. Here’s what to know about the top financial problems men face when leaving their spouses and how a Long Island, NY divorce attorney can help you protect your assets.
Equitable Distribution Often Does Not Favor Men
Arguably, the biggest financial issue men face when leaving a marriage is the division of the couple’s assets and debts. This can be a very contentious issue, with both sides fighting for what they feel is fair.
Unfortunately, in many cases, men are often left with more debt than their spouses, or with less valuable assets. This can be a major financial setback, especially if you were counting on those assets to help support you after the divorce.
Men Often Have to Pay Alimony or Spousal Support
Another problem men face during divorce is being ordered to pay alimony. Spousal maintenance is often awarded to the spouse who earned less money or who stayed home to care for the children while the other spouse worked. If you are ordered to pay alimony, this can be a significant financial burden.
You may have to make sacrifices in your own budget to meet these obligations and in some cases, the support you are ordered to pay can be so high that it becomes difficult to make ends meet for yourself.
Men Often Have to Pay Child Support
Men who have children and get divorced incur another financial obligation that can be costly. How much child support a non-custodial parent has to pay is usually based on a percentage of their income, but many men find what’s left over difficult to live on.
Child support payments can be very expensive, especially if you have multiple children. Additionally, child support payments are often not tax-deductible. This means that you will have to pay taxes on the money you pay for child support, even though it won’t count as income.
Men Often Have to Pay Legal Expenses for Both Parties
Legal expenses are another financial issue that tends to disproportionately affect men who are getting a divorce. Dissolving a marriage can be very expensive, even if you use an affordable attorney. You may also have to pay other legal costs, such as filing fees or court costs. Furthermore, if you and your spouse cannot agree on all aspects of your divorce, you may have to go to trial, which can add even more expense to an already costly process.
How Divorce Impacts Men Financially
There are many other ways that getting a divorce impacts men financially, particularly once the process of dissolving the marriage is complete. Men who are going through a divorce often see a significant decrease in their income and experience a lower standard of living.
This is largely because they are no longer sharing expenses with their spouse and may also have to pay alimony and child support. As a result, many men find it difficult to meet all of their financial obligations.
Divorce can also lead to late payments on bills and other debts, making it difficult to obtain loans or credit cards. With higher expenses and lower income after a divorce, non-essential expenses like past medical bills and credit card debt may go without payment. This lowers your credit score and makes it hard to rebuild.
How To Protect Your Finances in a Long Island, NY Divorce
It’s important to be honest about your assets during a Long Island, NY divorce. Hiding assets can have serious consequences, including jail time. If you’re caught hiding assets, the court may order you to pay your spouse’s attorney fees and other legal expenses. Additionally, it can damage your credibility in court and make it more difficult to negotiate a fair settlement.
It’s also imperative that you begin working with a qualified and experienced Long Island, NY divorce attorney as soon as possible. An experienced attorney can help you navigate the complex financial issues involved in a divorce and protect your interests long term. Contact Hornberger Verbitsky, P.C. today for more information or to book a free case consultation by calling 631-923-1910 or fill out the short form on this page
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