A high net worth divorce can be a difficult process and take a toll on one’s financial and mental states. Many who go through this process might anticipate the day that the divorce is final; however, there is another journey that begins at that time: learning how to bounce back with life after divorce.
The stage that comes after a divorce can be looked at in many different ways; perhaps it is an exciting time when one finally feels free from the burdens of their marriage or maybe it is a devastating time when one does not know how to rebuild their life and put the pieces back together. Whichever way one looks at this next stage, we have outlined 5 ways that can help one bounce back so a fresh start can begin:
After spouses go through the divorce process, many are presented with a new role to learn and manage – one most common role being that of a co-parent. It can be difficult to navigate this new role while being newly divorced, and leaning on an experienced divorce attorney is one way to help ensure the right moves and decisions are being made.
Co-parenting is when two parents that have separated or divorced raise a child together but in separate residences. This can be a dreadful scenario for some who have a tough time communicating with their ex, let alone being in the same room; however, it is absolutely feasible for separated or divorced parents to raise their child successfully and give their child the best life possible. If you find yourself in this position, below are five tips to keep in mind to help you navigate your new role as a co-parent:
Super Lawyers has announced Attorney Brian McKinley as one the latest attorneys at Wilder Mahood McKinley & Oglesby to be listed as a Pennsylvania Super Lawyer. As a Super Lawyer, Brian has been recognized as one of the premiere attorneys practicing in family law in the Pittsburgh area. Brian was nominated for the honor by his peers and confirmed by a select panel of attorneys practicing in family law. Brian is now in his 20th year of stridently representing family law litigants in Western Pennsylvania.
A high net worth individual is typically considered to be someone who owns $1 million or more in liquid assets. Many high net worth individuals have this money in a form that can be quickly converted into cash such as a savings account, stocks, bonds, and/or a certificate of deposit.
When one or both parties in a marriage is a high net worth individual, and they are approaching a divorce, they should be aware that their divorce may not follow the traditional process. This is due to the numerous assets that will need to be settled. It is a great reminder to take the necessary steps to protect assets including a consultation with an experienced divorce attorney. For those that find themselves in this situation, we have outlined a few of the ways a high net worth divorce can differ from a traditional divorce:
One very important topic during a divorce is alimony. Alimony serves as a means to help a party meet their reasonable needs when their income and the assets awarded in equitable distribution are insufficient to meet those reasonable needs. It is not an easy topic no matter what side one is on.
We understand the stress alimony may cause someone going through a divorce because alimony can affect one’s financial landscape for years to come. Due to the possible financial repercussions, one should ensure they have the best representation to support them through the process. An experienced divorce attorney is key, in addition to keeping these tips in mind:
Life after divorce is a lot like starting over, or at least it can feel that way. It can be a scary feeling knowing that new things are ahead – or it can be looked at as an exciting, new beginning. Either way, a part of this starting over period includes the topic of finances, which may include readjusting budgets, rebuilding a savings account, or planning on big purchases ahead such as a new home.
Finances are complicated and can be a burden when going through a divorce as well as after the divorce is final. One way to avoid financial issues due to a divorce is to have an experienced divorce attorney by one’s side during the divorce process. The experienced attorney will look out for one’s best interests which most definitely will include their finances. In addition to consulting with a divorce attorney, the below tips can help one avoid letting finances get the best of them and can help them recover financially from a divorce:
When going through a divorce, it can be easy to get caught up in all of the stress and chaos that may accompany the process. From the appointments to the packing and moving and especially the child custody concerns, it may feel near impossible to take “me” time or to step back and get centered.
When one’s challenges push them off balance, such as challenges related to divorce, it can take a toll on their mental and physical state. It is very important to be mindful and have a reference point or a place to come back to when in this situation, and while it may seem unreachable during all the chaos, it is possible. Remember that by taking care of oneself first, that person can better take care of those around them, such as their children. For those in this situation, we put together a few tips to help one be mindful during their divorce:
When one approaches a high net worth divorce, they often experience the normal complexities of divorce along with additional hurdles such as a more extensive list of assets, complicated business ties, valuations concerns, etc. This often leads those going through a high net worth divorce to be stressed and overly protective of their finances.
Regular divorces are stressful enough let alone one with these additional hurdles. To help ensure one has the right support and makes the right moves in their divorce process, we encourage them to reach out to a divorce attorney who is experienced in high net worth cases. In the meantime, following this list of do’s and don’ts can help to stay on the right track:
When parents go through the divorce process, some may not think through what parenting with their ex will be like once the divorce is final or they may have assumptions about it. Co-parenting brings on a whole new relationship and situation to navigate. While some parents find that co-parenting with their ex is easier than parenting when they were married, others may find that it is harder since they would rather not have to be in contact with their ex at all.
Co-parenting can be a challenge at times; however, with the right mindset, parents can approach the situation positively and set themselves, their children, and even their ex up for success. One way to help divorced parents approach co-parenting is to discuss a few misconceptions that each side may have. Below are a few of these fallacies that, if avoided, can help the process go smoothly:
When one spouse knows that a divorce is the right thing for their marriage, approaching the other spouse can be dreadful. It is true that the feelings are largely dependent upon the reason for the divorce, but in many cases, those feelings are uneasy and stressful regardless of the reason why.
To help prevent chaos when one is communicating the need for a divorce to their spouse, they must take into consideration their spouse’s feelings and needs. Doing this can help the communication between the spouses and can ultimately help the divorce process. If you are approaching a divorce, below are some tips for bringing up the topic of divorce with your spouse: