Chaska Family Law Blog

5 financial consequences of high-asset divorce

No matter how rich you are, divorce always hits hard on finances. How hard depends on the monetary worth of your divorce and how long the process lasts.

Those facing a high-asset divorce commonly experience the following five financial consequences. Some are out of your control, but some you can mitigate by taking proper action.

How to avoid the perils of unsolicited divorce advice

You may have friends and family in Carver and Scott Counties who have gone through a divorce, and they may offer you lots of unsolicited advice about yours. Even though you are in the process of filing, you might want to be careful about the kind of divorce advice you listen to and follow. Your loved ones may mean well, and some of their experiences may be similar to yours. But those are not good reasons for you to listen to their good intentions. 

Regardless of the similarities, you should not assume that what works for another person will undoubtedly work for you. You do not want to risk doing or saying something that can have an adverse impact on your situation. Here are some things you should consider about divorce advice. 

How prenuptial agreements work

Many couples use prenuptial or postnuptial agreements to set provisions in the event of a future divorce. Minnesota law generally enforces both kinds of agreements so long as they meet certain requirements.

A prenuptial, or antenuptial, agreement takes place before the marriage. Minnesota law sets out two broad requirements for a valid prenup.

5 tips that can help you financially survive a divorce

With divorce comes huge financial changes for both parties. If you have children, you are now maintaining two households. If you do not, you must adapt to living on one income and buying your own place, paying your own utilities and, if you have been out of the workforce, finding a job. The key to staying financially stable during and after your divorce is to plan and be ready for anything.

Understanding how divorce affects your retirement accounts

If you are going through the end of a marriage, nearly every aspect of your life undergoes some kind of change; even your professional status can be affected. It might not change your relationship with individuals at work, but both the expense and division of assets leads many professionals to revise their future plans and redirect their energies toward rebuilding. Nowhere is this truer than when a retirement account has been affected.

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