Divorce poses numerous risks, and for men, the monetary challenges associated with the process can severely weaken their long-term financial well-being. Successfully overcoming the financial elements of divorce is most easily achieved with the help of a legal team that specializes in men’s rights.
A divorce attorney focused in men’s rights understands the specific challenges and biases men experience during divorce and know how to defeat them. Financial consequences from a divorce can linger throughout the rest of a man’s life, impacting his retirement and long-term well-being.
The following reviews critical financial planning topics such as asset division, alimony, and long-term financial security, and how a men’s divorce attorney can help clients achieve more favorable outcomes than when representing themselves.
Being Smart About Asset Division
Divorce attorneys experienced in men’s rights address questions of asset division on a regular basis as this element factors into the majority of divorce cases. Almost all couples will either need to, or choose to, divide some of their possessions and finances upon separation.
For men, studies show that the financial consequences immediately following divorce tend to be more severe than they are for women.
Men’s rights attorneys understand that latent bias can have a noticeable impact on case outcomes and make every effort to preserve assets that rightfully belong to their clients.
This process typically includes a comprehensive demonstration of marital and non-marital assets as part of the financial planning strategy for divorce.
Marital assets will be considered by the court when determining equitable distribution; non-marital assets are those that can not be reallocated by the court.
Attorneys are able to assist parties in working together to divide assets in a manner that suits the man’s needs, which are often ignored during divorce.
For instance, if the man needs the family car to get to work, an attorney may collaborate with his wife to accept the cash value of the car, or something comparable in value, rather than forcing a car sale to divide its value.
Securing Fair Alimony Treatment
Another aspect of divorce in which a men’s divorce attorney can utilize long-term financial planning strategies for their client is in alimony. Contrary to popular belief, it is not a man’s “role” to pay alimony after divorce.
It may be possible for the attorney to demonstrate that alimony is not necessary or that the man should be the one receiving alimony payments after accounting for his new financial position.
In 2010, the Census reported that from the 400,000 respondents receiving alimony payments, only three percent were men.
This number has begun to climb slowly thanks to the dedicated efforts of men’s rights attorneys, but there is still much work to be done. Attorneys must demonstrate that the quality of life to which the man was accustomed in marriage will not be sustainable after the divorce.
Securing alimony payments where they are deserved is essential for a man’s financial planning. Payments can be used to stabilize his life after divorce rather than liquidating savings and investments to compensate for regaining financial security.
Achieving Long-Term Financial Security
Another element of smart financial planning during divorce is the allocation of retirement funds. Forcing redistribution of retirement savings, such as from 401(k)s or even pensions, can have an irreplaceable financial impact on a man’s future.
Removing such funds from a portfolio exposes a man to lost compounding interest and long-term gains that can total tens or even hundreds of thousands of dollars more than the amount allocated to his former spouse during the divorce.
What appears to be a marginal loss during asset division can, over a long period, constitute significant financial damage that is often not appropriately factored during divorce.
For men, achieving long-term financial security with a men’s divorce attorney requires a comprehensive view of their entire fiscal situation, both now and in the future.
A man’s goals, intentions, and opportunities must be weighed alongside the reality of the present and the responsibility of the man toward his spouse.
Divorce attorneys specializing in men’s rights will go above and beyond to address the inherent biases of the system to preserve equity and ensure a man’s rights are protected.
Seek Legal Assistance to Defend Your Rights
If you are a man contemplating or going through a divorce, seek help with financial planning. The attorneys at Milstein Siegel stand with men to defend their rights and ensure they receive fair and equal treatment during asset division, alimony determination, and more.
Contact Milstein Siegel to schedule a consultation and explore long-term financial planning strategies that start before the divorce is finalized.