If you’re a high net worth person and considering getting a divorce, you should consult a high net worth divorce lawyer Manhattan, NY residents trust. A high net worth divorce can be especially complicated, and you want someone with knowledge and experience on your side. Your lawyer can guide you through the process and ensure your legal rights are protected. Here are several important things you should know about a high net divorce.
You Will Likely Have to Adjust Your Spending Habits
When you’re married, you have two incomes paying for one set of expenses. If you’re in a high net worth marriage, you may be used to living a luxurious lifestyle and might not ever want to give that up. Unfortunately, however, keeping up that lifestyle might not be possible once you’re divorced. Instead of having two incomes to pay for expenses, you’ll just have one. While this is daunting to think about, you should consider how you will adjust your budget after you’re divorced. For instance, you may want to trade in your vehicle for a cheaper model.
You May Have to Pay for Your Spouse’s Debts
Even high net worth individuals can have a great amount of debt. Just like assets, debts are divided evenly among partners during divorce. This means that you’ll likely be partially responsible for your spouse’s debt, even if your name isn’t on the loan. If possible, try to reduce your debts as much as possible before filing for divorce.
Learn About Your Finances
In a high net worth marriage, usually one spouse has more knowledge about the finances than the other. If you’re not that familiar with your household finances, your high net worth divorce lawyer in Manhattan, NY would encourage you to change that right now. Find out exactly how much money you both have in your checking accounts, brokerage accounts, stocks and other financial accounts. If you know this information, you will know what to expect from your finances once your divorce is finalized.
It May Cost You More to Stay in Your Home
If you and your spouse are high net worth individuals, you likely live in an expensive home. While you might like to stay in that home after your divorce, understand that it will cost you a lot. You’ll be solely responsible for the mortgage, property taxes, insurance and maintenance costs. If you don’t think that you can realistically afford this on your own, it may be best to let go of the house. You may be better off downsizing to a smaller home or moving into an apartment.
Schedule a consultation with a high net worth divorce lawyer in Manhattan, NY today.