A high-dollar divorce has the potential to be devastating to your bank account and could affect your financial stability in the future. Divorces can be costly, and if you make errors during a settlement or case, you could end up being the one who hurts the most.
How can you avoid costly mistakes during your divorce? The best answer is to hire a valuation expert. This person can look at what you own and tell you exactly how much it’s worth. Hiring a professional who you and your spouse agree on can work, or choose two and average their findings.
Financial advisers can also help during the divorce process. You need to know how paying alimony, a settlement or property division affects your financial stability in the future. You need to know how your business and stocks are affected and even how your taxes might be affected by what you do during your divorce.
Another thing to consider is that certain long-term benefits, like life insurance or retirement benefits, may pay out much later in life. You should take the time to have your asset clearly valued and take steps to protect them. For some, paying out a one-time settlement is better than splitting those assets later in life; in other situations, it could be beneficial to wait until you’re older for those benefits to be distributed.
After your divorce, your personal life changes. Your finances do impact how much it changes and how. It’s always important to fight for what is yours, whether you’re seeking alimony to keep your standard of living up to what you’re used to or attempting to prevent your ex from taking too much away from you.
Source: Forbes, “Getting The Most From A High-Dollar Divorce,” Russ Alan Prince, accessed Dec. 15, 2017