High-asset divorce involves couples with substantial wealth, intricate financial portfolios and valuable assets like real estate, investments and businesses. These divorces often require specialized legal and financial expertise to navigate complex property divisions, spousal support, tax implications and asset valuation.
However, with the right approach, you can navigate the financial aftermath and set yourself on the path to recovery.
Assess your assets
The first step in financial recovery after a high-asset divorce is to thoroughly assess your assets. This includes everything from property and investments to retirement accounts and personal belongings. Inventory what you own and what you owe.
Create a budget
Every one of the 989,518 couples who received divorces in 2022 should have created a post-divorce budget. If you are facing divorce, calculate your monthly expenses and income streams. Account for any changes in your financial situation post-divorce, such as alimony or child support payments.
Seek financial advice
A financial advisor can help you develop a comprehensive financial plan tailored to your unique circumstances. They can guide your investment strategies, tax implications, and long-term financial goals.
Consider career opportunities
Reassess your career opportunities. Update your skills, pursue higher education or explore new job opportunities if necessary. Investing in your career can increase your earning potential and provide a sense of financial security for the future.
Protect your credit
Divorce can have a significant impact on your credit score. Protect your credit by closing joint accounts, removing your ex-spouse as an authorized user and monitoring your credit report regularly.
Whether saving for retirement, purchasing a home or funding your children’s education, having clear goals can provide direction and motivation as you navigate the financial aftermath of divorce.
