Our blog has covered many of the different concerns that can arise for those who move forward with a high-asset divorce, such as the distribution of marital property and handling divorce as a high-profile individual. However, there are other ways in which the end of your marriage could affect you if you have a high net worth. For example, if you have a trust or a will, you may need to take a second look at your estate plan and make changes due to terminating your marriage. We know that this can be especially hard for people across Illinois, since the end of a marriage can be highly emotional and bring major changes to a person’s life. However, planning ahead and closely going over your options could help tremendously.
If you have recently split up with your spouse, it is important to review and revise any estate plan documents that are impacted by the divorce. For example, you may need to remove your spouse from your estate plan, find a new executor, or change the way in which your property is distributed among beneficiaries. By making these changes promptly and ensuring that you have taken the necessary steps to protect your property, you may have a sense of peace and find that moving forward in your life is easier.
Aside from your estate plan, there are many other ways in which a high-asset divorce could affect your finances. If you click on the link to our high-asset divorce section, you can read more on ending your marriage.