Any divorce is difficult, but the more assets a couple has, the more is at stake. Consequently, high net worth divorces are especially complicated. Couples with more assets will have more to divide, making the process longer and more complex. If you are a high net worth individual seeking a divorce, you should contact an experienced Massachusetts divorce attorney.
What Constitutes a High Net Worth Divorce?
If you or your spouse has $1 million or more in assets, your divorce is considered to be a high net worth divorce.
What Assets are Considered?
One of the most important things you can do when it comes to a high net worth divorce is to be truthful about your assets. Attempting to hide something is not a good idea. If your spouse believes you are not being entirely honest, he or she may hire a forensic accountant to investigate you and your assets. If anything of interest is found, the IRS may get involved. For this reason, you will want a skilled attorney who can protect your rights.
A few of the assets that may be considered in your high net worth divorce include:
- 401(k)’s, retirement accounts, pensions, benefits
- Real estate
- Shared business
How Can I Protect my Assets?
There are a lot of preventative ways to protect your assets. For example, some couples create a prenuptial agreement before they are married. This is a document that declares how your assets should be divided in the event of a divorce. Some couples avoid prenuptial agreements because of the unnecessarily negative stigma surrounding them. Truthfully, a prenuptial agreement can greatly benefit both parties and does not indicate a future divorce. If you decide against a prenuptial agreement and later change your mind, you can create a postnuptial agreement. This is the same as a prenuptial document, but it is created after the wedding rather than before. Additionally, couples who own businesses together may create a shareholder agreement. This will allow you to decide how you will split up the company and its assets in the event of a divorce. If you are interested in creating a prenuptial, postnuptial, or shareholder agreement, contact us today.
Regardless, you will want a knowledgeable divorce attorney on your side to protect your rights and ensure that you receive what is fair.
Contact our 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.