On behalf of Stange Law Firm, PC posted in High Asset Divorce on Wednesday, January 25, 2017.
Not all Missouri couples who divorce have set financial plans for their individual futures. Often, unresolved issues must first be negotiated and final court decisions handed down before a concrete path toward the future can be envisioned. In the meantime, various aspects of a high net worth divorce may be cause for financial concern.
There’s an old saying that an ounce of prevention is worth a pound of cure. So too are those who prepare and plan ahead often better equipped to meet the future head-on. With regard to finances and divorce, this might include creating a new budget that encompasses lifestyle changes and new needs or expenses as one begins life as a single person.
To help keep costs low, many advisers recommend avoiding sudden or dramatic changes (especially those that cost a lot of money) during the divorce process. If possible, setting aside funds to be used to help cover costs associated with divorce proceedings can help prevent unexpected debt. Also, making needed tax adjustments post divorce might be necessary to meet new expenses that weren’t present during a marriage.
High net worth divorce matters often include property issues, business assets or other particular items, such as art collections or investment accounts. Each of these topics may bear substantial financial impact on one or both spouses. Acting alongside guidance from an experienced Missouri family law attorney is one of the easiest ways to protect one’s rights and assets and to overcome any obstacles that arise during divorce proceedings.
Source: due.com, “5 Financial Tips for Surviving Divorce“, Will Lipovsky, Jan. 16, 2017