Most people in Ohio understand that a divorce can change a person’s finances. However, they may only consider the cost of the divorce itself, when the event can impact multiple areas of a person’s financial picture, especially if the person has a great deal of assets. Fortunately, experts have suggestions for those in a high-asset divorce who have questions about how to protect their financial future.

First, experts recommend making a budget, including both income and expenses. Divorce can reduce the level of income someone is used to having, as well as increase that person’s expenses, since he or she alone will be responsible for paying for them. Income may include not only a job salary, but interest on investments or child support awarded in a divorce settlement. Some may have to reduce their expenses if their income doesn’t allow for it.

Next, experts say to broaden the financial picture. The person will want to consider their financial goals, know how much debt they have and ensure that their credit is protected. All three of these matters will influence how a person manages his or her money for the future. More resources may be need to devoted to one place in order to achieve the desired result.

After that, experts say for a person to look at insurance and one’s entire estate plan. If the person use to share a medical, life or disability insurance policy with his or her spouse, the policy may need to be changed. The same is true for an estate plan. The person may have listed his or her spouse as the beneficiary for different financial accounts, or given the spouse power of attorney, necessitating further changes.

Lastly, experts recommend that a person look over their taxes to ensure everything is in order. A financial professional may be able to assist with those matters. Another professional to involve in the entire process is an attorney. An experienced legal professional who understands high-asset divorce proceedings may be the best resource for anyone getting a divorce here in Ohio.