High Asset Divorce Attorney in Needham, MA
Deciding to end your marriage is almost always a difficult decision, even if you acknowledge and accept that it is the right choice for you and your family. When one or both spouses have significant assets, however, the choice can be more complicated. This is often true for both spouses, whether you fear losing your wealth in a divorce or worry about providing for your children.
The sheer number of assets involved in high net worth divorce can make it much more difficult to come to an agreement on matters such as asset division, alimony, and child support. In many cases, these assets are harder to value than things like the marital home or bank accounts. In some cases, complex financial litigation is necessary to ensure that the division of assets is equitable, as required by Massachusetts law.
At Infinity Law Group, our legal team works hard to help our clients protect their interests in a divorce. We have the experience and knowledge necessary to help you navigate your high asset divorce. If you are contemplating divorce in Needham, MA, or the surrounding areas, give our law office a call to schedule a free consultation.
What Is a High Asset Divorce?
A high net worth divorce includes any divorce where the parties have significant assets. There is no magical number that must be met in order to be considered a high asset divorce. Instead, it is generally a combination of one or more spouses earning a large salary and the couple having a large number of assets.
A high asset divorce attorney has special experience handling these types of divorces. While any divorce can be complex, a high net worth divorce is often more complicated due to the nature of the assets held. They may involve assets such as:
- Closely held businesses
- Offshore bank accounts
- Complex trusts
- Specialized compensation, such as stock options or restricted stock units (RSUs)
- Domestic and international real estate holdings
- High-value art and/or antiques
- Private equity holdings
Compared to a typical divorce, where asset division may simply involve a valuation of the marital home and tallying up various bank accounts, a high net worth divorce may require the use of experts, private investigators, and forensic accountants.
Why Do I Need a High Asset Divorce Lawyer?
Dividing assets in a high net worth divorce requires a carefully crafted strategy. A high asset divorce attorney will take into account everything from property valuation to tax implications and prenuptial agreements to help you achieve the best possible resolution in your divorce.
There are a number of unique issues that must be addressed in a high net worth divorce, such as:
- Determining the future earning capacity of one or both spouses, particularly when professional licenses, degrees, or businesses were obtained during the marriage;
- Assets must be identified and valued;
- More complicated business assets, such as a family-owned business or a medical or legal practice, must be valued;
- Deferred compensation and stock options must be assessed;
- Prenuptial and postnuptial agreements must be reviewed;
- The parties must decide how they will be handling rental property;
- Tax issues must be properly addressed to avoid unnecessary taxes;
- Retirement funds must be identified and valued; and
- Assets that are being hidden must be found.
For example, it isn’t uncommon in high asset divorces for one spouse to stay home and support the other spouse in their educational and business endeavors and also to raise children. The value of their contributions must be analyzed and considered as part of the divorce process.
By working with financial advisors and other experts, a Needham, MA high asset divorce attorney can put together a divorce settlement agreement that protects your rights. When possible, they can help you avoid the time and expense of litigation through mediation and other forms of alternative dispute resolution. When necessary, your lawyer will be ready to take your case to court to fight for an equitable distribution of assets and a fair custody agreement.
I’m a High Earner. How Can I Protect My Assets in a Divorce?
If your marriage is heading towards divorce, there are some things that you can do to protect your assets. To start, you should identify all of your assets and get copies of your financial statements. You should not attempt to hide or spend down your assets, which can backfire in a divorce proceeding.
Massachusetts divorce laws are complicated, and the best way to protect yourself during a high-net-worth divorce will depend on your specific financial situation. Schedule a consultation with a Needham, MA high asset divorce lawyer as soon as possible to get legal advice about what you can and should be doing to prepare for a divorce.
I Don’t Want Our Sensitive Financial Information Made Public. What Can I Do?
In Massachusetts, financial statements are kept out of the public case file, or impounded. However, if certain details are disclosed in pleadings and motions filed with the court, then they will become a matter of public record. If you are concerned about keeping confidential or sensitive information private, then a high-net-worth attorney can help you achieve that goal.
Alternatively, you may be able to resolve your divorce through mediation or a negotiated divorce settlement. These processes make it easier to keep your information private. To learn more, reach out to Infinity Law Group for a free consultation with a Needham, MA high asset divorce attorney.
Contemplating Divorce? Reach Out Today.
If you are considering filing for divorce as someone with significant assets, you will need a lawyer who has experience handling high net worth divorces. A high asset divorce attorney will aggressively advocate for your rights, and ensure that your assets are properly valued and divided. See our hiding assets during divorce FAQ.
Based in Quincy, MA, Infinity Law Group represents individuals and families throughout the Boston area. For each client, we work hard to find the best possible solution to their family law matters. To learn more or to schedule a free consultation with a high asset divorce attorney in Needham, MA, call our office at 617-209-2230 or fill out our online contact form.