Maintaining Your Standard of Living After a High Asset Divorce

 Posted on June 14, 2019 in High Asset Divorce

Divorce can place financial strain on even the most conscientious and budget-minded person, but is especially common when the couple in question has unique, diverse, or especially valuable assets that are difficult to divide. There are, however, things that couples can do to help them financially prepare for a divorce, while also maintaining their current standard of living. To learn more about the financial consequences of divorce, whether you or your spouse could be eligible for alimony, or how your assets will be divided upon the dissolution of your marriage, please contact one of our dedicated high asset divorce attorneys for advice.

Reviewing Your Financial Needs

When a couple decides to divorce and a court holds a hearing on the issue of temporary spousal support, the judge will require the parties to disclose not only their assets and debts, but also their expenses. When assessing the latter to determine whether to award post-divorce maintenance, courts will assess which of each party’s expenses are reasonable and necessary. This includes the cost of everything from food, clothing, and vehicle expenses to utilities, legal fees, rent, and even entertainment. Having evidence of these expenses from the outset of the case can help the entire property division process go much more smoothly, while also clarifying each party’s specific financial needs going forward.

Cutting Extra Costs

Although it can be difficult to cut items from a budget that one is accustomed to, doing so is often a crucial step in helping divorcing spouses learn to live within their new incomes. In most cases, divorce will have some sort of impact on a divorcing couple’s standard of living, at least in the short term and while courts attempt to mitigate this by equitably dividing the divorcing parties’ property, divorce still almost always comes with a financial effect. Operating within a restructured budget can be instrumental in helping people adapt to their new financial situations, while helping ensure that their standard of living does not drastically change.

Planning for the Future

Divorce settlements can and do have long-term implications for the parties’ finances, so it is critical that both spouses carefully negotiate any settlements related to property division. This includes planning for the future by being mindful of the tax implications of the divorce, assessing the status of any retirement funds or investments, and creating a budget before jumping into any new financial obligations.

Schedule an Initial Case Evaluation with a Cedar Park High Asset Divorce Attorney

Maintaining one’s standard of living after divorce can be difficult. Please call Powers and Kerr, PLLC at 512-610-6199 to find out more about how a dedicated Cedar Park high asset divorce lawyer can help.

Source:

https://www.forbes.com/sites/greatspeculations/2014/09/15/finances-for-the-newly-divorced-made-easy/

https://statutes.capitol.texas.gov/Docs/FA/htm/FA.8.htm