Division of marital assets can be a complicated and contentious issue in a high net-worth divorce. When millions of dollars are at stake, couples might not be able to reach a consensus on property division, as a result of which the court might be forced to step in and divide the property equitably.
At Davis Law Group, we know how complex high net-worth divorces can be. Our legal team, led by top-rated divorce attorney Jay Davis, has a thorough understanding of Massachusetts’s family law. We have successfully handled several high net-worth divorce cases over the years. We can represent you, protect your rights, advocate for your interests, and take all the necessary steps to make sure you get a fair share of marital assets.
Common Property Division Issues That Might Arise in a Massachusetts High Net-Worth Divorce
Marital Property vs Separate Property
Under Massachusetts law, any property that you (and your spouse) acquired over the course of your marriage can be considered marital property. In some cases, separate property which you acquired before marriage or received as a gift or inheritance can also be subject to distribution, if the court believes that it might be fair to do so.
Especially if your marriage lasted a long time, the dividing line between separate property and marital property can get blurred and the court might decide to divide all assets, including some pre-marital assets, equitably.
Valuation of Marital Assets
Determining the value of investment properties, such as commercial real estate and vacation homes, luxury vehicles, boats, private jets, jewelry, business ventures, digital assets, overseas accounts, life insurance, retirement funds, stocks and bonds, and alternative assets like antiques and artwork can be a major issue in high net-worth divorces.
If you and your spouse are unable to agree on a value, you might have to seek the assistance of an independent appraisal expert in order to accurately determine the value of all the marital assets. Business valuation, in particular, can be difficult, especially if the business’s assets include intellectual property, digital assets, goodwill, brand value, and other such assets that are not easy to evaluate.
Equitable Distribution of Assets
Under Massachusetts law, marital assets are meant to be distributed equitably — not equally – between the spouses. The definition of “equitable” depends on what the court believes is fair for both parties involved. There are a wide range of factors that the court might take into account to determine how the assets should be divided. These include:
- Age, education, employability, and earning capacity of each spouse
- Health condition of each spouse
- Net-worth of each spouse
- Financial needs of each spouse
- Financial contributions made by each spouse to acquire and manage marital properties
- Contributions made by each spouse as a homemaker and as a parent
- Amount of debt and other liabilities that each spouse has
- The length of the marriage
- Needs of the children (if any)
- Contribution of each spouse (financial and otherwise) to the marriage
Family courts in Massachusetts have a great deal of discretionary authority when it comes to deciding how marital assets should be divided. It is why it’s paramount for you to have a dedicated Massachusetts high net-worth divorce attorney on your side.
The high asset attorneys at Davis Law Group know what kind of factors the court might consider while dividing martial property. We can gather the evidence needed to prove your ownership of your separate property and fight tirelessly to help you get your rightful share of the marital property.
One of the potential issues with a high net-worth divorce (especially a contested divorce) is that the spouses might try to hide high-value assets from one-another in order to unfairly increase their share of the marital pot. Based on this, it can be a serious mistake, as hiding assets is next to impossible in today’s age.
An accomplished divorce attorney with the assistance of forensic accountants and private investigators can easily find hidden assets. If and when they do, the party that tried to hide the assets could be in trouble – legally as well as financially.
Experienced and Trustworthy Massachusetts High Net-Worth Divorce Lawyers are Ready to Help You
At Davis Law Group, we have decades of combined experience in handling divorce cases and know the unique financial issues that might come up during a high net-worth divorce case.
Our legal team is led by Jay Davis, who is one of the highest-rated and most accomplished family law attorneys in Massachusetts. Jay can fight doggedly to protect the assets you own and make sure you are not unfairly deprived of your share of the marital assets.
When your hard-earned assets and financial security are on the line, you cannot afford to take any chances with your legal representation. Choosing attorney Jay Davis to fight for you can give you the best chance of retaining or getting the assets you deserve and are entitled to.
To discuss your high net-worth divorce case, call our firm today at (617) 752-6216 or get in touch with us online and schedule a free consultation with one of our skilled Massachusetts high asset divorce lawyers.The post Property Division Issues in a High Net-Worth Divorce in Massachusetts first appeared on Davis Law Group.