How Can You Avoid Mistakes When Facing a High Asset Divorce?
Change is an inevitable part of the divorce process, and changes often include moving to new residences and adjusting to new financial circumstances. One of the most important and life-altering changes brought about by a high asset divorceis the post-divorce financial situation. Most likely, Illinois couples will be impacted in major ways as they separate finances and adjust to living on only one income. However, there is a way to navigate these major changes that allows for a stable financial future.
One of the best ways to protect financial stability after divorce is to work to avoid costly litigation and resolve as many issues as possible out of court. Not only does this allow an individual more control over the final resolution, it provides an outlet through which a person can negotiate for important assets, such as a share of retirement accounts. Dealing with finances is always an emotionally challenging process, but Illinois couples will likely find that they make better decisions when emotions do not influence those decisions.
It is normal to become short-sighted during divorce and focus simply on resolving the process quickly. However, it is worthwhile to protect long-term interests by ensuring that marital debt is divided fairly, retirement accounts are equitably distributed and all financial issues have been considered. Taking time to consider long-term interests will help to avoid unnecessary mistakes.
A high asset divorce is a difficult process, even between two people who are willing to work together with their respective legal teams to resolve their divorce quickly and efficiently. Decisions made at the end of a marriage will impact a person for years, even decades, after the final decree is signed. Making an effort to carefully consider every issue can be incredibly beneficial for life after divorce.
Source: bankrate.com, “10 ways to avoid divorce disaster“, Steve Santiago, Accessed on April 20, 2015