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Hanover High Net Worth Divorce Lawyers in Worcester County
Every divorce presents its own distinct set of hurdles. However, when a divorce involves parties who have built up a considerable amount of wealth, it is vital to work with an attorney with a full breadth of experience navigating the unique challenges that often accompany the distribution determinations involving divorces with high net worth individuals. A high net worth divorce is generally one where the couple has a minimum of $1,000,000.00 in liquid assets.
Our Hanover high-net-worth divorce lawyers can safeguard your financial interests while working to help you achieve a fair result in your property distribution. By entrusting your legal matter to a firm with over 35 combined years of exclusive family law experience, you can rest assured that your divorce case will get the attention it deserves and that the protection of your financial assets is of our utmost concern.
Potential Challenges in High Net Worth Divorces
Not surprisingly, couples in the highest tax brackets generally tend to have more assets than others. The number of assets generally available to high-net-worth couples that must be divided, as well as the fact that the couple’s estate has likely been protected by placing it into trusts rather than held personally, automatically create a situation where the case is more complex.
Some of the assets that are common within a high net-worth divorce can include real estate holdings, brokerage accounts, business ownership or corporate partnerships, substantial retirement or investment accounts, expensive collections, and complex compensation packages. These situations can present a number of challenges based on the abstruse manner that the plans or contracts dictating these assets are generally drafted.
It is not uncommon to find that a couple who had already established significant assets entering the marriage took the precaution of having a prenuptial agreement. If so, then the prenuptial agreement has to stand a number of tests to be upheld at the time of the divorce. If the couple’s situation has substantially changed since the time they entered the prenuptial agreement, it’s possible that it will not be upheld. If the prenuptial agreement was not written properly, there’s also a chance it will not be upheld. If you’re entering into a marriage, make sure you utilize an experienced divorce attorney to draft your prenuptial agreement so that any areas where holes can sometimes be poked within a subsequent divorce are drafted comprehensively.
Obtaining an appraisal on a home is a fairly easy process; however, when dealing with high-net-worth divorces, there is often a need to obtain valuations for businesses, yachts, art collections, antique cars, sports memorabilia, or other types of assets if there is not an agreement on the value of each. These types of evaluations require experts to be retained to provide a valuation. If the value determined is contested, the other spouse can obtain their own expert to provide a value. Sometimes the difference in values can be millions of dollars. Having an attorney on your side who knows what type of expert to retain ensures that, if your case goes to trial, your expert will be the one that the Judge relies on on evaluating that specific asset.
Our Hanover attorneys can help you take the necessary steps to uncover all assets subject to division in a high net-worth divorce and determine the appropriate value. The attorneys at O’Connor family law have experience in these situations because we are familiar with the specific nuances involved in high net-worth divorce cases and we understand how to develop a strategy that protects you from the potential pitfalls.
Common High-Value Assets Involved in These Hanover Divorces
As discussed previously, various types of assets are often at issue in a high-net-worth divorce. Some of these may include a privately held corporation or limited liability company, private jet memberships, boats, stocks, bonds, and offshore assets. Other than the assets, the division of marital liabilities can be just as complex when a high net-worth divorce is at issue.
The division of other high-net-worth assets that may require assistance from a divorce attorney in Hanover includes trademarks, luxury automobiles, passive income streams, rental properties, phantom income, memberships into exclusive clubs, and a number of other assets.
Child Support and Alimony in High NET-WORTH Divorces
Massachusetts provides calculations for both child support and alimony. However, when the cumulative income between the Parties is above $250,000.00 per year, the calculations become significantly more “gray” rather than “black and white.” In these types of situations, it is not uncommon to see both child support and alimony being paid or to see what is called “unallocated support” – which means it is support being paid without a label.
It is important to have an attorney on your side who can get creative with their proposals as well as look at a number of different calculations and how the final numbers will play out in reality. Sometimes a certain amount can help both parties while another amount may help one party but significantly harm the other. This can be seen often in relation to how support can affect taxes.
With the recent changes in the tax regulations, alimony is no longer taxable to the receiver or tax-deductible by the payor. This has created a situation where, what used to be an easy calculation of between 30 – 35% of the discrepancy between the two spouse’s income, has become significantly more convoluted as to how the amount affects tax liabilities, in reality, have emerged as an issue that needs to be presented to the Judge if the case goes to trial, which also involves hiring an expert.
There may be additional child-related expenses that families with a high net worth may be responsible for that others would not. Expenses such as private or boarding schools, competitive sports training, high-end clubs or memberships, more expensive activities, college savings, horse or car ownership, and even homes left to the children within an irrevocable trust all may be expenses that need to be addressed.
Contact a Hanover High Net Worth Divorce Attorney
If you are facing a divorce and you are considered a high-net-worth family, you should retain competent legal counsel to handle your case from start to finish. Our Hanover high net-worth divorce lawyers can help you fight to protect both you and the investments you have worked so hard for while ensuring that the division would be considered fair in the eyes of the Court to allow the divorce to be approved.
The property distribution issues within your divorce can be intimidating and frustrating, especially when you have valuable assets to protect. You do not want to have the assets that you have worked so hard to obtain be obliviated within your divorce. Call O’Connor Family Law to speak with a dedicated and knowledgeable attorney today to protect your and your children’s financial future.
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