When you’re going through a high-asset divorce, one thing you might not be thinking about is how it could affect your children’s outlook. While you’re worried about their health and overall happiness, the reality is that the cost of this divorce could affect them, too.
The thing about a high-asset divorce is that all the assets they got used to will be rearranged or sold. You might sell the family home, vehicles or boats, for instance. Certain children, especially older children, may be unhappy about having fewer assets at their disposal.
What can you do to make a high-asset divorce easier on your kids?
The first thing you can do is sit down with your spouse and discuss which assets you should keep for the sake of your children. For instance, if your child loves to jet ski, it’s a good idea to keep the vehicle if it’s possible to do so. Taking away something your child loves to do may only worsen the impact of the divorce.
Another thing you can do is discuss how your financial arrangements may change after divorce with your children. They should understand if you will be in a similar financial situation or if they should expect changes. Letting them know this ahead of time can make it easier for children to adjust and be aware of what they can or cannot do in the immediate future.
Financial struggles don’t just affect adults. Children may also have a hard time adjusting. Be clear with your kids and be certain of your finances, so you can prepare for the worst and expect the best.