Maintaining a strong sense of financial security is important during all periods of life, including those that might be difficult or overwhelming. Divorce is certainly no exception to this. If you are going through a high asset divorce, you may even have additional concerns about how to preserve your current financial situation.
While it is true that divorce can negatively impact your finances, it should never prevent you from ending an unhappy marriage. Indeed, you have several opportunities to create the financial future you want after a divorce. This approach does require a certain amount of attention to detail and focus, though.
Understanding wealth
You might be familiar with the concept of wealth in a rather straightforward way. However, wealth is actually quite complicated and involves more than just what is in the bank. To be fully aware of how much wealth you and your soon-to-be ex-spouse might share, be sure to consider:
- All sources of income, including paychecks, investments, bonuses and more.
- Retirement assets, such as IRAs and Roth 401(k).
- Real estate like homes, rentals, business properties and vacation homes.
- Inheritances, including money, valuable heirlooms and more.
These types of assets typically show up during the property division process. They do not merely appear all on their own, though. It is up to both you and your spouse to make sure that you bring all of your assets to the table to ensure you secure an equitable division. This means that you will need to put some time and effort into finding and identifying all marital assets before heading into property division.
Planning for the future
Preserving your current finances also involves a fair amount of forethought. Be sure to ask yourself where your income will come from in the future and whether it will be sufficient. Since you are going through a divorce, you should also consider whether you might be able to count on child support or alimony.
Going through a high asset divorce can be an overwhelming experience. Fortunately, there are many options at your disposal that can help you maintain a strong sense of financial security in your life. Minnesota family law can be complicated though, so taking the time to first learn more about it as well as the divorce process can be helpful.
