Financial tips for a high asset divorce

On behalf of Gary Kirk of Kirk Montoute Dawson LLP posted in High Asset Divorce on Monday, February 27, 2017.

After enjoying an affluent lifestyle, the financial ramifications of divorce can be a shock for some men and women in Alberta. While life will certainly be different after a marriage ends, it doesn’t have to be a fiscal nightmare. Taking a few important steps ahead of time can make a high asset divorce easier to get through.

A key initial step is to begin preparing for post-marriage living expenses right away. Holding off on retail therapy or reigning in the impulse to buy that new car will preserve on-hand assets. Creating a budget based on a reasonable expectation of future income and then sticking to it can put a person in a manageable financial situation going forward. If desired, a financial advisor can help create a workable plan.

It is also important to understand one’s financial situation. If a marriage had one party earning most of the money, and the other managing household expenses, it is possible neither is fully prepared to handle it all as an individual. Taking the time to familiarize one’s self with where the money comes from and where it goes may help to avoid surprises in the future.

The professional assistance and legal representation a person chooses can also have a significant impact on the bottom line of a high asset divorce. A lawyer who practices family law best knows the applicable laws, including the aspects of divorce unique to Alberta. With the help of an experienced lawyer, it may be possible to achieve the best possible settlement, and begin a new life on sound financial footing.

Source: The Huffington Post, “10 Lessons I Learned From My Divorce (So You Won’t Have To)“, Haywood Hunt, Feb. 16, 2017

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