What You Need to Know About High Net Worth Divorces in Massachusetts

Divorce is complicated. However, if you are a high net worth individual, you have even more to worry about than the standard divorce issues, such as child custody, alimony, and more. Please continue reading and reach out to our experienced Massachusetts divorce attorney to learn more about high net worth divorce and how we can help you if you are in one.

What qualifies as a high net worth divorce?

If you are someone who owns $1 million in assets, or your spouse does, you are in a high net worth divorce. Rather obviously, you have a lot at stake, which is why you cannot afford to proceed without an experienced Massachusetts divorce attorney at your side.

Which of my assets are at stake if I am in a high net worth divorce in Massachusetts?

In a high net worth divorce, there are various assets that may be subjected to the equitable distribution process. Furthermore, these divorces are also traditionally more complicated because you will have to ensure you fully and truthfully disclose all assets you own. This means that you will have to ensure you hire an attorney who can submit all of this information appropriately, for if there are any errors or withheld information, the IRS may get involved, drastically complicating matters. Some of the assets that may be involved in a high net worth divorce are as follows:

  • 401(k)โ€™s, retirement accounts, pensions and benefits are usually subjected to equitable distribution, as they are generally considered marital property.
  • If you own multiple properties or real estate, such as vacation homes, these are also at stake 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.
  • Shared businesses are also generally up for grabs in a divorce, unless you have drafted a shareholder agreement.

How do I protect my assets from a high net worth divorce?

There are several measures you and your spouse may take to protect your assets. If you own a business, as mentioned earlier, you can draft a shareholder agreement with your spouse. If you are someone who is not yet married, you may draft a prenuptial agreement with your spouse. If you are already married, you may still draft a postnuptial agreement with the assistance of an attorney. Our firm is here to help.

Contact our experienced Massachusetts firm

If you require compassionate and knowledgeable legal guidance for a matter of divorce, family or estate law, please do not hesitate toย contactย the experienced attorneys at the Law Offices of Cynthia L. Hanley today. We recognize the impact a divorce can have on the lives of you or your children, which is why our firm proudly serves clients in Mansfield, Massachusetts, and throughout Bristol County.