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How can divorce pre-planning help in a High-Net worth divorce?

August 4, 2021 | Asset Division, Divorce, Firm News

In a divorce situation where you are the spouse who does not handle the finances, pre-planning can help you to become more aware of your financial situation. Doing this is incredibly beneficial as you work through the details of your divorce.

Financial Advisor explains you should consult with professionals who can help you to identify all the financial assets you and your spouse own.

Avoid issues

Whether you want the divorce or not, preparing yourself before filing is important. Pre-planning will help you to avoid surprises or financial issues as you proceed through the divorce process and after the divorce is final.

Ensure fairness

Pre-planning also helps you to know what is what. If you have never handled your finances, you may be completely unaware of how much money you and your spouse have. You could be unaware of assets you own as well.

If you pre-plan, you can avoid issues with hidden assets or not asking for the proper share of financial assets due to you. It is more difficult to hide something when you know about everything.

Prepare for future

Understanding the financial situation of your marriage will allow you to better prepare for the future. You will have a better understanding of where you will stand after the divorce so that you can make proper plans to avoid post-divorce financial issues.

It is a huge mistake to believe that since you are well off in your marriage that you will still be that way after your divorce. Pre-planning will enable you to get a true idea of the situation so that you can ensure shared wealth when reaching your settlement.

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