Asset Protection Advocacy In High Net Worth Divorce
In a divorce, Massachusetts dictates that property be divided on an equitable basis — meaning the property should be divided fairly. This does not mean the property will necessarily be divided equally or at the same percentage. In fact, some assets are treated differently, such as family inheritances and retirement funds. Our goal is to anticipate how the court might act to help establish realistic expectations and produce a favorable outcome.
We provide asset protection guidance for our high net worth divorce clients. We have handled hundreds of divorce cases and understand the importance of proper, balanced division of marital property.
We represent both sides — individuals seeking to protect assets and those trying to discover all of the marital assets. Our extensive divorce experience provides us with insights and strategies that we can tailor to your goals.
Length of the Marriage
Income, stock accounts and inheritances may all be divided in a divorce. The length of your marriage can carry significant influence over asset division. For instance, an inheritance received and put into a joint account during the third year of a 20-year marriage may be split equally. While an inheritance received during year 19- of a 20-year marriage and placed in a separate account probably would not be divided in the same manner.
Common Protection Error
Many individuals believe that if an asset is in their name only then it belongs only to them. This is a major asset protection misconception. Under state law, assets in one spouse’s name are still considered marital property and subject to division. However, depending on factors, the court has discretion on how equally to divide the asset.
Our law firm has extensive experience handling asset protection issues for marital property. We can help determine how property may be divided, including:
- Valuable artwork
- Bank accounts
- Retirement accounts
Retirement accounts can cause complicated pension division issues. Certain factors, such as contribution timing, can affect these accounts. It is important to consult a lawyer to help protect or uncover these assets.
Pursuing Hidden Assets
We understand that divorce carries specific fiduciary responsibilities. Each spouse is required to disclose their assets. We advise our clients to fill out their asset statements truthfully. When our client feels assets are being concealed by their spouse, we can also help pursue hidden assets. It is important to consult an attorney as soon as possible to help trace assets.
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