If you are going through a high net worth divorce, it is in your best interest to retain the services of an experienced Massachusetts divorce attorney. At The Law Offices of Cynthia L. Hanely, P.C., our legal team is dedicated to ensuring that you and your future are protected.
What is a high net worth divorce?
Divorcing couples with combined assets of $1 million or more, are considered to be a high net worth divorce.
What assets are considered to be a high net worth divorce?
It is important to understand that you must be honest about your assets when going through a high net worth divorce. If you are not, the court can order a forensic accountant to conduct an investigation that can result in legal trouble and divorce delays. In a high net worth divorce, there are several assets that a court will consider for the equitable distribution process.
Some of the assets that a court will consider in a high net worth divorce include the following:
- If you own multiple properties or real estate, like vacation homes, they will likely be considered in a high net worth divorce.
- If you or your spouse conduct business in a foreign nation, this may also come up in the distribution process.
- Joint businesses are also generally up for grabs in a divorce, unless you have drafted a shareholder agreement.
- 401(k)’s, retirement accounts, pensions and benefits are usually subjected to equitable distribution, as they are generally considered marital property.
How do I protect my assets from a high net worth divorce?
Fortunately, there are many ways that you and your spouse can protect your assets. As previously mentioned, if you and your spouse own a business together, you can draft a shareholder agreement.
If you and your partner are not yet married, you can create a prenuptial agreement which is a legal document that expressly states how a couple will divide their assets in the event that they get divorced. While prenuptial agreements are known to have a negative stigma associated with them, it is important to note that prenuptial agreements in no way imply a divorce. In fact, prenuptial agreements are very useful because they ensure that you and your assets are protected.
If you are already married, you can draft a postnuptial agreement, which has the same purpose as a prenuptial agreement. Contact our firm today to obtain assistance with any of the above-mentioned documents.
Contact our experienced Bristol County firm
For over 30 years, The Law Offices of Cynthia L. Hanley, P.C. has provided quality legal support and representation for clients in Bristol County and all of Massachusetts. Our firm’s experience eases the stress of clients while providing the legal services they deserve. If you need help through a contested divorce, contact The Law Offices of Cynthia L. Hanley, P.C. for a consultation today.