Planning for a not-so-happy new year

On Behalf of | Jan 9, 2023 | High Asset Divorce

As people ring in the new year, many make resolutions representing a significant change in their lives. Nothing is more life-altering than divorce, which is a common goal for many spouses.

Divorce traditionally increases when the year changes, allowing families one more chance to have one more hopefully happy holiday before the monumental change. They can also check the “married” box on their tax returns before December 31st gives way to January 1st.

One of the more contentious issues involved in marital dissolution is money. Couples who enjoy higher incomes will likely face an equally high-stakes mediation process. Legal help is paramount in achieving a compromise that both spouses can live with as they start the next chapter.

Preparing for significant change

Planning for divorce requires preparation for a somewhat uncertain financial future. Identifying monthly expenses can help clarify costs, some that are necessary and others that can be eliminated to save money. Attending to all the details can help when it comes to new obligations that may include spousal maintenance and child support.

Determining net worth requires listing assets and their values, even those you are unsure of as far as ownership and value should still be included. Debts should also undergo a thorough review to identify short and long-term financial liabilities.

Proactive steps are paramount once you and your spouse agree to split. The first step is securing legal counsel. An attorney with not only experience and a track record of success but also financial insight can be a powerful advocate.

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