One of the major concerns in divorce is how each spouse’s assets are handled. When the divorce involves one or both spouses with high net worth, this issue gets more challenging and can lead to messy legal battles. For a high-net worth spouse, it’s paramount to protect their hard-earned assets. Meanwhile, for the other spouse, it’s important to fight for what the law entitles them to, including assets they need and deserve.
If your BostonMassachusetts divorce involves substantial assets, get the legal support of Goldman Law, LLC. Our divorce attorneys have helped numerous clients get the most favorable outcome possible, even in complicated divorce cases.
When you work with Goldman Law, we will:
- Help you obtain an accurate valuation of assets, with the assistance of our forensic accountants, tax experts, and other valuation professionals
- Find the best legal options for you in safeguarding your financial interests while securing the welfare of your children
- Build a robust case to assert your rights in disputes on property division, alimony, child custody, and child support
- Strategize for a creative, favorable resolution that saves you time and money, avoiding costly litigation as much as possible.
Talk to Goldman Law, LLC in a confidential consultation. Call us today at (617) 668-1718.
What’s at Stake in a High-Net Worth Divorce
Massachusetts law requires divorcing spouses to disclose their assets, and some – or all – of these assets may be eligible for property division. These may include:
- Bank accounts, e.g. savings, checking, and overseas account
- Retirement accounts, e.g. 401(k)s and IRA’s
- Homes and/or vacation properties
- Insurance policies
- Businesses
- Stocks and other investments
- Cryptocurrency
- High-value collectibles, such as cars, jewelry, and art
- Inheritance or trusts
It’s crucial in any divorce to get fair and honest disclosures from both spouses, but when large assets are at stake, each spouse needs a stronger sense of confidence about the assessment. For this reason, a high-net worth divorce often calls for valuation experts and private investigators to help provide better insight into the spouses’ assets.
Likewise, each spouse will want an experienced divorce attorney to ensure that their valuation is defensible, facilitate a thorough assessment, and negotiate for a mutually favorable settlement.
Important Issues in a High-Net Worth Divorce
In our years of experience handling high-stakes divorce, the following are some of the most contentious aspects that trouble soon-to-be-ex spouses:
Separate Property vs. Marital Property
“Separate property” are assets that one spouse solely owns and thus cannot be divided during divorce, while “marital property” is jointly owned by both spouses and will be divided between them. The challenge is that it’s not always easy to distinguish between the two, hence there’s a risk for either spouse to lose their own assets in property division.
For example, if one person bought a house before marriage, it could initially be considered their own separate property. But if, after getting married, their spouse contributes to the mortgage or makes renovations, this spouse may now have a share of the property as well. This is an example of property “commingling,” and it’s one of the mistakes that often impact a high-asset divorce.
Tracing Hidden Assets
In many cases, one party is concerned that their spouse may have been diverting or hiding assets to prevent them from getting divided by the court. Asset concealment is possible through twisty schemes that are difficult to uncover without expert assistance. If you have reason to believe that asset concealment has occurred, it’s best to avoid heated confrontations and to get sound legal advice from a lawyer.
Tax Consequences
The outcomes of a divorce can have tax implications on each party, and sometimes, they turn out to be a tax liability. Taxation is a complex area of the law where the know-how of an attorney can be indispensable. Couples often need knowledgeable counsel on questions such as:
- What are the tax implications of dividing or selling high-value assets?
- Will it affect me if my spouse is behind on their taxes?
- Which spouse can claim dependent children in relation to tax returns?
In particular, individuals with high net worth must develop a legal strategy to prevent unnecessary tax liabilities post-divorce. An experienced lawyer can help with this.
Prenuptial/Postnuptial Agreements
High-asset couples commonly have prenups or postnups detailing how to handle their assets in the event that the marriage ends. Usually, these agreements help clarify the divorce proceedings, but there are cases where a prenup or postnup can be deemed invalid.
When significant assets are on the line, it may be in the interest of one party to question the validity or coverage of an existing prenup agreement. In a dispute like this, it’s imperative to get the representation of a competent attorney.
Contact Goldman Law – Top-rated Divorce Lawyers in Boston
With decades of combined experience handling complex marital cases, the divorce attorneys at Goldman Law, LLC can provide the legal service you need. We are headquartered in Newton, MA and serve the entire Greater Boston area. Call us today at (617) 668-1718.
