The financial ramifications of the end of a marriage can be stressful and daunting for any individual, regardless of the level of wealth involved. For those who are of considerable wealth, preparing for this aspect of divorce could be all the more crucial. Since a high asset divorce can be a stressful and intimidating process, an individual in Michigan who is facing a similar situation may find it advisable to seek guidance in the process.
Regardless of the amount of wealth and assets one possesses, divorce will inherently have an impact on his or her financial future. Planning for life after marriage could help a person make the transition with less difficulty. When assessing one's future finances, it may be advisable to factor in any financial obligations in relation to the divorce, such as child or spousal support, as overlooking these aspects could prove detrimental.
Following the end of a marriage, an individual may also find it advisable to consider making adjustments to his or her investment accounts. A person's wishes in this area can change following divorce, and he or she may wish to make adjustments that are in keeping with his or her preferred level of risk. When updating accounts, one may also wish to change his or her beneficiaries, as failing to do so could prove devastating.
With numerous aspects to consider, and the potential stress involved, seeking guidance in the initial stages of a high asset divorce could prove invaluable. By speaking with a family law attorney with experience in such intricate matters, a client in Michigan could obtain some much-needed advice on making informed decisions regarding his or her financial future. An attorney can address a client's concerns and wishes and assist in pursuing the most favorable outcome possible during legal proceedings.
Source: cnbc.com, "Financial planning for divorce ??? it's not just for women", Beth Lynch, Oct. 2, 2017