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Lifestyle Adjustments and Financial Planning After a High-Net-Worth Divorce in Chicago

By Nottage and Ward on November 5, 2025

A high-net-worth divorce is about more than dividing property; it’s about redefining your financial future. The changes ahead may require rethinking how you live, spend, and invest. The experienced Chicago divorce and family law attorneys at Nottage and Ward, LLP will fight to get you a fair settlement and protect your future.

This guide explores the practical and strategic steps involved in making lifestyle adjustments and developing a post-divorce financial plan that supports your long-term goals.

The Financial Impact of Divorce

The end of a marriage involving substantial assets can result in sudden changes to income streams, liquidity, and ownership. Even if you have retained valuable property or investments, your available cash flow may shift significantly. Common changes include:

• Reduction of monthly income due to regular spousal maintenance payments you are required to make.
• Allocation of parental responsibilities and parenting time that increases child-related expenses.
• Loss of high-value assets such as investment properties, art collections, or business shares.
• Changes in tax liabilities due to property transfers or support arrangements.
• Direct control over high-value assets that require careful management.

Adjusting to a New Lifestyle

Housing Decisions

Your housing situation could be the most immediate and substantial lifestyle changes that you will experience after a divorce. Whether you are leaving a marital home or holding on to it, you could be facing new challenges and important decisions.

Questions to ask yourself include:

• Can you comfortably afford the upkeep, taxes, and insurance?
• Would downsizing free up capital for investments or future needs?
• Should you sell the property now or hold it as a long-term asset?

For example, luxury real estate in Chicago’s Gold Coast or Lincoln Park neighborhoods, may be valuable, but it could be costly to maintain. An honest assessment with a financial advisor can help determine whether keeping the property aligns with your new budget priorities.

Day-to-Day Spending

Your daily expenses may need recalibration. This could mean:

• Reevaluating discretionary spending such as travel, club memberships, and entertainment.
• Aligning spending with new income levels or investment returns.
• Ensuring liquidity for unexpected costs related to children, health, or market changes.

Working With Financial Advisors

In high-net-worth divorces, finding the right financial adviser can help you:

• Rebalance portfolios after asset division.
• Reassess risk tolerance in light of new financial realities.
• Make sensible tax decisions so you won’t be left holding the bag at the end of the year.

Updating Your Estate Planning

Revising estate planning can ensure that your wealth is distributed according to your wishes. It may become necessary to revise outdated beneficiary designations.

Key updates may include:

• Wills and trusts – Adjusting distributions to reflect your current family structure.
• Powers of attorney – Appointing trusted individuals who align with your post-divorce life.
• Guardianship provisions – Ensuring children are provided for under your new circumstances.

Child-Related Expenses

In Chicago, the allocation of parental responsibilities often involves complex financial planning, especially for affluent families. Beyond basic living costs, child-related expenses may include:

• Private school tuition.
• Extracurricular activities such as sports, music, or travel programs.
• Health care not covered by insurance.
• College savings contributions.

These expenses should be clearly outlined in your divorce settlement to avoid later disputes. They should also be built into your post-divorce budget to ensure consistency and predictability.

Luxury Assets and Private Investments

High-net-worth divorces often involve unique assets that require specialized management after separation.

Real Estate and Vacation Properties

Multiple properties can be a source of both wealth and cost. If you take sole ownership, you’ll want to take steps that prepare you for the tax and maintenance implications.

Private Equity and Business Interests

If you retained stakes in private equity funds or a closely held business, it’s essential to review your role and the rights you’re entitled to exercise. Splitting ownership during the divorce may alter voting control, dividend access, or profit-sharing.

Art and Collectables

High-value collections often require appraisals for insurance and potential sale. Their management may affect estate planning, especially if you want to pass these assets on to children or charitable organizations.

Long-Term Effects of Maintenance and Asset Division

When it comes to spousal support, the paying spouse may have to rethink investment strategies to ensure steady cash flow. The receiving spouse may want to carefully consider their spending habits as well as planning for a future when support will end.

The manner in which marital assets are split affects your long-term financial security. This includes cash, real estate, and investments. Each asset class carries its own risks, tax implications, and growth potential. Balancing these factors is key to maintaining stability.

Creating a Sustainable Post-Divorce Financial Plan

A strong financial plan after a high-net-worth divorce should:

1. Establish a realistic budget that aligns with your new income and priorities.
2. Diversify investments to manage risk and maintain liquidity.
3. Protect your estate through updated legal documents.
4. Plan for contingencies such as market downturns, health changes, or shifts in income.
5. Maintain regular reviews with your attorney and financial advisor to adapt as circumstances evolve.

Helping You Through This Challenging Time

With over 35 years of experience guiding clients through the most complex separations, Nottage and Ward, LLP helps you find the right tools to protect your future.

Designing a careful financial strategy is about building the next chapter of your life with confidence. Our legal team works closely with financial professionals to ensure your legal and financial plans are aligned, whether you’re:

• Adjusting to a new home and lifestyle.
• Managing complex investment portfolios.
• Protecting your children’s financial stability.
• Preserving luxury assets or business interests.

Speak With a Trusted High-Net-Worth Divorce Attorney in Chicago

If you’re facing the financial realities of a high-net-worth divorce in Illinois, having the right planning today can shape a brighter tomorrow. Our attorneys at Nottage and Ward, LLP will help you safeguard your assets and work toward long-term financial security.

Call (312) 332-2915 to learn more today.