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Finances at risk even in high-asset divorce

On Behalf of | Jul 8, 2020 | Complex Divorce

Even those in New Jersey with significant assets may struggle after a divorce if they do not plan well. A marriage breakup can be emotionally and financially devastating, and those who make emotional decisions may have a more difficult time in the months and years following the divorce. This is why a successful high-asset divorce involves careful planning and preparation, often with the assistance of an experienced legal professional.

After a divorce, many things will be different. Individuals may find they are trying to live the same standard of lifestyle with a lower income and fewer assets. Therefore, it is critical that someone heading for divorce establish a realistic budget that includes essentials such as living arrangements, insurance, vehicle and everyday necessities. One must also learn which assets may be too costly to retain, such as the home, and how to provide well for the children’s futures.

Emotions may distract one from keeping important documents up to date, such as asset titles, estate planning, credit cards and financial accounts. Neglecting to change these may leave one spouse vulnerable to the spiteful actions of the other partner. Finally, no divorcing spouse wants to be left with too few assets and too much debt. Obtaining a fair court order or settlement is essential, including the consideration of spousal support, tax implications and other details that are easy to overlook.

A high-asset divorce may include additional financial complications such as complex assets, businesses or multiple properties. These issues often require special knowledge and delicacy that comes from experience. Many in New Jersey find that reaching out to a skilled attorney is a wise decision.