Compassionate Counsel
Tough Advocates

Three tips to help maintain lifestyle after divorce

On Behalf of | Nov 1, 2021 | High-Asset Divorce |

Those accustomed to a certain lifestyle may have concerns that a divorce could have a negative impact on their ability to continue life as they know it. The creature comforts quickly become important, and it may be necessary to take steps to protect those amenities from dissipating after the divorce.

Three proactive steps that can help include the following.

#1. Review current lifestyle.

Some may call it a lifestyle analysis, others an audit. Whatever term you prefer, take a moment to figure out how much it costs to continue your current lifestyle. You will need a basic idea of the expense required so you know what your goal is during the divorce negotiations.

#2. Protect assets.

This is a multi-step process. First, figure out what is marital and what is separate. In general, Nevada state law considers any property owned by a spouse prior to the marriage and kept separate during the marriage, as well as inheritance or gifts, as separate property. If classified as separate it is not subject to divorce.

Next, review day-to-day expenses as well as spending habits. It is important to set up two categories: one for you, one for your soon-to-be ex. Then begin to review financial statements, tax returns, season or unusual expenses and review credit reports for any discrepancies. In addition to helping to determine the best financial settlement for your divorce, this can also help to uncover any potential attempts by a soon-to-be ex to hide assets during the divorce.

#3: Delegate.

It is not uncommon for the divorce process to seem overwhelming. In addition to navigating the emotional impact of the end of the marriage you also need to protect your financial future. It can help to delegate these matters to professionals so you can focus on moving on.

Archives

AV Preeminent, Peer Rated for Highest Level of Professional Excellence
Desert Companion, Top Divorce Lawyer