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Think of your long-term finances when planning to divorce

Posted On September 1, 2020 In High Asset Divorce

Divorce can be all-consuming. You can become so focused on the immediate that you forget to consider the long-term picture. Much the same way that your wife became so concentrated on growing the business that she seems to have forgotten about you and the children.

If you are considering divorce, spend time looking at your finances before you start proceedings. It is easier to do this with a clear mind, rather than in the thick of a potentially unhappy divorce. A high asset divorce requires more financial planning than most. These are some of the things to consider before you file:

  • Get a full picture of your assets: The more wealth you have, the more likely it is dispersed. You may need help to track down all the assets in your relationship.
  • Consider how assets will vary with time: For instance, you may own property on the coast that is currently not worth much. Yet, if there are plans to develop that part of the coastline, or if a large employer plans to move there, property prices could soon rocket.
  • Work out your spending needs: If you do not pay all the bills, it can be easy to misunderstand how much everyday life can cost. Start tracking all expenses to gain a clear idea of what you will need to live post-divorce.
  • Consider long term costs: You may be young and healthy now, but as you get older, you are more likely to need health care. Make sure you allow for the cost of this. Ensure you plan for things like college fees when your children grow up. Consider what your earning potential will be, and if you need to retrain. If you plan to file for physical custody of your children, do not forget the cost of help to look after them so that you can work.

Seek early legal advice if considering divorce. It allows you to create a clear exit plan and a successful financial future.