When couples with a high net worth split up, the divisions of property and finances can be extra challenging.
Some people worry that their spouse might attempt to hide assets. Others dread contention over property ownership and financial divisions, particularly if the couple never signed a prenuptial agreement.
If you intend to file for divorce and your assets are in the upper bracket, you’ll want to make sure you plan your steps more carefully. Here are four considerations to make before you move forward:
- Set a budget for yourself: although you won’t know the exact amount of assets you’ll be entitled to until your divorce proceedings are well underway, you can still plan your finances for the shorter term by doing a rough estimate of your personal expenses and a calculation of your current earnings or savings. Incorporate plans for post-separation vehicles, household items and living space for you and any children you have.
- Collect your most valuable personal belongings: it’s not always easy to predict whether a divorce will remain amicable and cordial. There is a possibility that your spouse might react by vindictively, and it’s safest to make sure your valuable or sentimental personal possessions, such as jewelry, photographs, work equipment and collectibles, are secured someplace where you can retrieve them.
- Open a post office box: although it may not come to this point, you might feel peace of mind with a separate place to receive mail, which gives you a sense of control over your life and protects your privacy and security.
- Begin sourcing emotional support: you deserve to have help with processing your emotions during this difficult time. Enlist friends and family to stand by your side while you grieve or adjust to your new life, and consider finding a therapist to work with. Not only is this a good choice for your health, it can also help you when you need to make rational, practical decisions.
The higher your net worth, the more feels at stake during a divorce. With the right planning, you can move on from this difficult period in your life while keeping your peace of mind.