What is a High Net Worth Divorce in Massachusetts?

calculating finances for divorce

There are few things more stressful than getting a divorce, and this can be particularly true when a person is faced with what’s known as a high net worth divorce. Unfortunately, these divorces involve more than most “standard” divorces, though they absolutely also often entail many elements found in more standard divorces as well. Please continue reading and speak with a dedicated Mansfield, MA division of assets lawyer from the Law Offices of Cynthia L. Hanley to learn more about what separates these divorces from others and how our seasoned legal team can help you through one. Here are some of the questions you may have:

What makes a high net worth divorce so different from other divorces?

The primary difference between high net worth divorces and other divorces is that high net worth divorces involve spouses who have up to $1 million in assets. This is true whether both spouses have more than $1 million, both spouses have $1 million combined, or even just one spouse has $1 million. That said, despite who specifically owns the property, courts will often consider all assets acquired during the course of a marriage to be marital property, meaning they will be subject to equitable distribution unless certain provisions were put into place during their marriage. For this reason, retirement assets, businesses, multiple real estate properties, luxury vehicles, and even assets held in bank accounts will likely be up for grabs in a high net worth divorce.

What can I do to protect what’s mine?

The proactive step you should take to protect the assets that are yours is drafting a prenuptial agreement before marriage. Doing so can outline what will happen with your assets if you ever choose to get divorced in the future. If you’re already married, you can’t draft a prenuptial agreement anymore, but you can still draft a postnuptial agreement. That said, if you haven’t drafted either and you’re about to get divorced, the number one thing you can do is hire a seasoned divorce attorney who can help fight for what’s yours. Litigated divorces can quickly turn into heated battles, which is why you need a strong legal advocate in your corner. Contact us today so we can get fighting for the outcome you need.