Financial Expenditures During and After Divorce
Men going through divorce often face numerous financial expenditures.
Child support and alimony payments are typically the most significant
expenses. These payments can consume a large portion of their income,
making it difficult to cover other expenses. Legal fees are another major
cost, with attorneys, mediators, and court costs quickly adding up.
Housing is another significant expense. Men must secure a new home,
pay rent or mortgage, and cover moving costs and new furniture.
Household expenses such as utilities, groceries, and daily living costs can
also increase quickly. Child-related expenses, including school fees,
extracurricular activities, clothing, and healthcare, are ongoing costs that
must be managed.
An unfortunate myth about housing is that men or women cannot
obtain new mortgage financing if they are still obligated on the current
mortgage for the marital home. This is where working with a Certified
Divorce Lending Professional (CDLP®) can be advantageous. A
CDLP® can collaborate directly with the divorce team to ensure that the
necessary language is incorporated into the marital settlement
agreement, categorizing the existing mortgage as a Court Ordered
Assignment of Debt. This ensures the mortgage payment is not counted
as an existing liability for new mortgage qualification.
Health and Transportation Costs
Therapy and counseling are often necessary to cope with the emotional
and psychological effects of the divorce. These services can be expensive
but are crucial for maintaining mental health. Transportation costs,
including car payments, maintenance, and fuel, are also common
expenditures, especially if the man moves further from work or his
children’s schools.
CHALLENGES AND FINANCIAL STRUGGLES
FOR MEN
07 DIVORCE REAL ESTATE & MORTGAGE JOURNAL
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Amy Valdivia
Director of
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Divorce is not a failure, but a necessary chapter in your life’s story. It’s a chance to
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pain and uncertainty.