When Jeff Bezos and his wife of 25 years, Mackenzie, got divorced in 2019, it was touted as the most expensive divorce of all time. Bezos ended up paying $38 billion in a divorce settlement, making Mackenzie the world’s fourth-richest woman, but not because of merit.
Even if you are not as rich as the founder of Amazon, it’s better to treat this case as a cautionary tale. Mistakes and miscalculations can occur in any divorce proceeding, but when you or your soon-to-be-ex have significant assets, the stakes are incredibly high.
This is why it is prudent to seek counsel from a knowledgeable divorce attorney who has experience handling high net worth divorces. If you own a multi-million-dollar business or are considered “wealthy,” you need a divorce lawyer who understands complex investments and how to keep your future secured.
Jay Davis and his team of skilled divorce consultants in Massachusetts can help make sure you are ready and well-equipped to navigate the tax and future financial implications of divorce. Jay is not only well-versed in Massachusetts divorce law, but he also understands the nuances of high-net worth divorces.
To learn more and to schedule a free consultation, contact us online or call us at (617) 752-6216 today.
Things You Must Never Do in a High Net-Worth Divorce
Watch out for these common mistakes during the course of your high net-worth divorce in Massachusetts:
Trying to Hide Your Assets
As shady as it is, many people try to hide their assets to keep them from falling in the marital estate that’s divided in an equitable manner. If you think keeping your assets in a secret offshore account or transferring them to a friend is a good idea – DON’T.
Not disclosing all of your property is illegal and can cost you all of your credibility in the court. If the judge finds out, you may be fined and required to pay way more in the settlement. Remember, since yours is a high net-worth divorce, it is more than likely that your spouse will hire a bloodhound of an attorney who will uncover any hidden assets.
Also, this goes both ways. In other words, you should make sure to look for assets that your spouse may have hidden from you. Even if you trust them and don’t think they are “smart enough” to pull one over on you, it’s better to cover all your bases.
If your spouse has always been more financially-savvy than you or they have always handled the family finances, it’s possible they may try to hide some assets. At Davis Law Group, Jay Davis makes it a point to partner with seasoned forensic accountants to ensure all joint assets have been accurately accounted for, so you get the settlement you rightfully deserve.
Getting Emotionally Charged Up
Ending of a marriage is one of those situations which can invoke a variety of emotions in a short period of time. You may feel angry and upset or guilty and overwhelmed, but DO NOT let your emotions dictate your divorce. Feelings of anger, resentment, and regret are quite common among divorcing individuals, but when these emotions hijack your decisions, it can lead to even more regret in the future.
For example, maybe you are the one who filed for divorce. As a result, you feel tremendously guilty for leaving your partner. A lot of spouses who are in this situation agree to an unfair division of property or financial support arrangement to absolve themselves of the guilt. But then 5 years down the line, they regret not listening to their attorney. Working with an expert high net-worth divorce attorney in Massachusetts, like Jay Davis, will ensure that your divorce is done the right way.
Jay understands that the process of legally separating with a partner can be emotionally taxing. In his 20+ years of experience as one of the highly sought-after divorce lawyers in Massachusetts, Jay has handled pretty much every kind of divorce situation you can imagine. This means he knows how to help you maintain objectivity in the face of even the most tumultuous circumstances.
If you are afraid that your spouse will try to take advantage of your considerable net-worth during the divorce proceedings, call Jay at (617) 752-6216 or contact us online today.
Ignoring the Tax Implications
If your spouse used to handle the taxes and you never really paid attention to that aspect of your marriage, it’s time to change that. In a high net-worth divorce, tax consequences can be noteworthy. If you’re not sure how to handle the taxes or sale of your assets post-divorce, we will be happy to connect you to the top accountants in Massachusetts.
Not Choosing the Best High Net-Worth Divorce Attorney
Hiring the most expensive or aggressive divorce attorney doesn’t guarantee that you will come out a winner in your high net-worth divorce. You need a lawyer who understands the complex circumstances as well as the facts of your case and can offer you exceptional counsel about the possible outcomes.
Also, just because your brother or co-worker had a good experience with their divorce lawyer years ago, doesn’t mean it will work out the same for you. It’s important to hire someone that you feel comfortable working with. Above all, they must have the skills, experience, and resources to effectively help you navigate your high net-worth divorce.
Contact Davis Law Group to Guide You through Your High Net-Worth Divorce in Massachusetts
“I have used the services of Davis Law Group a number of times during the past 10 years and found them to be an extremely professional and caring law firm. Some law firms use boilerplate methods and treat clients as transactions, but Jay has cared about my specific needs and customized to those needs. I highly recommend Jay.” — Rob Foley
At Davis Law Group, we have been handling high net-worth divorce cases in Massachusetts since 1998. If you don’t want your divorce to be a long, drawn-out battle or you’re concerned that your spouse won’t be completely forthcoming about their assets, call us at (617) 752-6216 or contact us online. Jay Davis will be happy to answer all your questions and concerns during the free consultation.The post Key Mistakes to Avoid in Your High Net Worth Divorce in MA first appeared on Davis Law Group.