A high net worth divorce is a difficult time, no matter what the circumstances, and getting used to life outside of a married couple brings with it a lot of things that can seem very challenging at first. One of these can be making sure that you are set up to manage your own money, if you had previously been sharing financial responsibilities and resources with your spouse. This article will focus on what you can do in terms of the finances you know you will have sole responsibility for moving forward.
First, Find a Good Lawyer
The issue of dividing up your assets will be a matter for your divorce lawyers to negotiate, and you may not know immediately which assets you will be leaving the marriage with. It is a good idea to talk to a divorce lawyer such as charlestonlaw.net as early as possible in the process so that you can have an idea of what to expect, and also to understand the costs involved in your divorce. These things vary so much between different divorce scenarios, so you cannot afford to simply make estimations. Consequently, getting the Divorce process explained to you by a legal expert is almost always best before making any major decisions about how to proceed.
Get a Bank Account That Suits You
If you were previously using a joint account, or if the account you had didn’t have all of the features you would like as someone with sole responsibility for their own income and outgoings, then it is a good idea to shop for a new bank account that suits your new needs. This can also apply to credit cards. You may need new credit cards in your own name, and to transfer over debt from other cards or loans. Taking a day to really look into the financial products available to you can give you the assurance that you are choosing the options that will make your life easiest and any outstanding debt most manageable moving forward.
Insurance
Now is also a good time to review and make changes to all of the insurance policies you hold. You may find that you can reduce your insurance outgoings quite significantly by looking at what your needs are now compared with when you were married. As an example, if you don’t have children, you may decide you can forgo life insurance altogether for the time being, as you no longer have to worry about a spouse’s financial position if you pass away. You may also be able to reduce your home insurance costs if you are moving to a different property, and have less contents to insure as you won’t have to list all of your former partner’s valuables. However, you may need to invest in some different forms of insurance – for instance, if you previously were both insured on the same car, you’ll now need a different car insurance policy.
Budgeting
One of the harder things to do is to figure out how your new lifestyle will look with only your own income. This is something that will become a lot clearer if you make a budget, and can also be a way to realistically judge whether you’re making enough money to support yourself, or whether you need to consider changing jobs. There are some great free apps for Android and iOS that can help you figure out your budget as a single person and make sense of it all.
These are the first things you should be doing as a priority while you are going through the early stages of your divorce. They can help you plan for your future, and give you a sense of control over the situation.