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The importance of communication in a high asset divorce

Couples in Massachusetts know that sorting out finances can be very difficult under normal circumstances. These difficulties can be made worse during a divorce, especially a high asset divorce. A lack of communication can make it difficult for couples to determine how to fairly divide their assets.

Each partner will have to seek out as many details about his or her finances as possible. This includes bank accounts, stocks, bonds, and properties. It also includes any debts held by the couple or the individuals as well as living expenses. Financial advisors may encourage individuals to include earnings from the past several years. 

Couples will need to determine if certain assets should be considered as individual or shared property. A prenuptial agreement, in some cases, can help to resolve property division issues. Some couples may have previously discussed how certain assets will be divided. 

Financial support given after the divorce is final must also be considered. This includes child support and spousal support. One spouse may be required to provide temporary or even permanent financial support to a former spouse. Others might be required to reimburse a former partner for certain expenses. In some cases, Social Security payments may also be divided between divorced couples.

Dividing assets can be a difficult process during a high asset divorce. Each individual has his or her own idea of how everything should be split. An attorney can help to ensure that individuals in Massachusetts going through a divorce receive their fair share of the marital assets. 

Source: kare11.com, "Navigating divorce while keeping finances straight", Kim Insley, Sep. 13, 2017

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Salem, MA 01970

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