Couples who have become acclimated to a certain lifestyle, or who hold a significant amount of wealth, have particular considerations when they choose to end a marriage. In Alberta, even high asset divorce can leave one or both parties with concerns about their financial well-being. What can be done to mitigate these challenges and put oneself back on solid financial footing after a marriage ends?
One of the most important considerations is real estate. Costs like land transfer tax, agent fees and legal costs mean that buying a new home or selling the matrimonial home should not be taken lightly.Consider transaction costs when looking at options, and do not jump immediately into purchasing new property without considering all housing options first.
Employment benefits, private health care coverage and other insurance policies may also be relevant in a divorce. Life insurance policies in particular could change dramatically depending on the new circumstances; for example, covering costs for children if a single parent passes can be more expensive than with a couple. Disability and critical illness insurance may also be a consideration, as a spouse may now not be present for support in case of such an emergency.
Finally, updating one’s will and speaking with a financial advisor to redefine retirement goals are wise moves in these circumstances. In a high asset divorce, there may be more considerations and types of property to consider in such planning and protections. An Alberta family lawyer can help to advise individuals on how to legally advocate for their financial interests during a divorce.
Tags: High Asset Divorce
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