Coping With Lifestyle Adjustments After a High Asset Divorce

Coping With Lifestyle Adjustments After a High Asset Divorce

Adjusting to life after divorce is difficult under the best circumstances—and when you’re transitioning out of a life where you became accustomed to substantial assets, it’s even more challenging. If you’re preparing for your next step in life but the transition is bumpier than expected, there are things you can do to help yourself through it.

With the right legal team by your side, you can prepare for your next chapter in life and fight for the assets you need to maintain your lifestyle. Call Pence Law Firm at 304-407-7852 to set up a time to meet with our team of divorce attorneys.

Realistic Financial Planning

During the divorce process, it is crucial that you spend some time creating a realistic financial plan. This is easier after you’ve negotiated the division of assets and debts, as you’ll know how much you have to pay each month in debt and how much cash you’ll have on hand. Using your income streams, debt payments, and other required monthly expenses, figure out how much you have left over each month. From there, you can figure out where you have room to add in services and goods that matter the most to you. 

For example, if you have multiple children, a meal service or house cleaning service may be non-negotiable for you. If fitness is your only “you” time, a membership at your boutique fitness studio may be at the top of your list. If you can’t keep everything, figure out what matters most to you.

Assessment of Needs and Wants

When you get used to life at a certain level, your wants can quickly start feeling like needs. If you’re like many people navigating a high-asset divorce, you’re likely in this same boat. As part of your divorce process, consider meeting with a financial planner. Bring all of the information you can, including retirement accounts, banking statements, sources of income, debts, and any agreed-upon alimony or child support. 

A good financial planner can give you a breakdown of your finances and be blunt about what you can and cannot afford. Remember, you can always add luxuries back into your life if you find that you have extra money. But trying to cut back once you’re already behind is stressful and mentally draining.

Leaning Into Your Social Circle

It’s always recommended that you rely on your social circle during divorce. It’s one of the hardest things you’ll ever go through in life, and having good friends and family members by your side can ease the transition. It’s even more important when you are also losing your lifestyle. Spending time with loved ones can help you adjust to your new normal and help you see the beauty in the life you have now. Additionally, they may be able to help you tap into resources that are available to you. 

For example, if you’ve lost access to an exclusive fitness studio you attended when you had more money, your friends may help you find another supportive group at their favorite gym. If you had to give up an expensive hobby that brought your life meaning and joy, your friends may help you find something you love just as much.

Mental Health Support

Counseling is an excellent resource for anyone going through divorce, and it is particularly helpful if you’re having a rough time acclimating. People often avoid this, as they feel like getting help for a loss of assets or income takes away services from those in greater need. But remember that therapists are there to help people through every challenge they face in life. 

A sudden change in lifestyle can be painful to work through, so why not turn to someone professionally trained in navigating life’s changes? As an added benefit, those who go through counseling during or after divorce often report better outcomes with post-divorce communication and co-parenting.

This highlights the importance of working with experienced legal counsel while navigating divorce. Even if you were not the high earner in your marriage, that doesn’t mean you should be left with nothing. Hiring a Charleston divorce attorney could help you get the assets and income streams you need to maintain your current lifestyle.

Preparing for Divorce? Call Pence Law Firm Today

The sooner you connect with an attorney, the better—divorce is complicated, especially when there are sizable assets involved. The team at Pence Law Firm is here to help. Schedule your consultation now by calling us at 304-407-7852 or filling out our online contact form.