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.
Millennial couples seem to be approaching marriage differently from those in past generations, especially when it comes to finances. Many Massachusetts millennials have careers, savings and investments before they consider marriage, and this often means keeping some aspects of their finances separate after they take their vows. However, separate does not have to mean secret, and some money experts fear that too many money secrets in a marriage may lead to high asset divorce.
Former US Representative Jesse Jackson, Jr., and his estranged wife have decided to end their marriage. The former representative filed the divorce action last year, but the couple had to complete a required mediation program before moving their divorce forward towards a trial. Among the issues discussed in the mediation, a report that may be of interest to those in Massachusetts, were alimony, property division and child-related matters.
Now that your marriage has reached its end, you have much at stake when it comes to dividing your property. You more than likely did not spend your time accumulating your wealth and property just to submit to the orders of a Massachusetts court in a high asset divorce. Fortunately, there is an alternative: mediation.
Massachusetts fans of the show "Empire" will be interested to learn about recent updates on the settlement for the end of the marriage for television star Terrence Howard. The high asset divorce case saw an appeal in the courts of another state recently. The result ended with a decision that was unlikely to make the star happy.
People who have been through the process in Massachusetts know that there are many changes that come with the dissolution of marriage. Divorce, whether a high asset divorce situation or one with people of more modest means, can take adjustment for all involved. These can be worked through, but sometimes it takes a little time.
Any Massachusetts resident who has worked hard to build a successful business may be devastated if a spouse takes half of it in a divorce. For that reason, measures are typically taken to protect such an asset -- especially in a high asset divorce. Although not watertight, a prenuptial agreement could provide the necessary protection if one spouse owned the business before the marriage.
Massachusetts residents might agree that no divorce is easy to navigate, because they are so emotionally taxing on both spouses. The financial strain that is typically associated with a high asset divorce can make it even more challenging. The division of complex financial portfolios is hardly ever easy.
As if dividing up property in a high-asset divorce is not difficult enough, it can be even worse when you suspect your spouse is hiding assets from you. You do not want your ex to cheat you out of what you deserve, yet you may fear making any accusations until you are absolutely certain or have physical evidence. What should you do? How can you tell if there are hidden assets?
For some Massachusetts residents, privacy is a very personal matter, one that is taken seriously. A high asset divorce is often seen as a major invasion of that privacy since divorce records will become part of the public record, available for anyone to access for any reason. That means that a couple's financial information and personal matters can be placed in the public realm, a thought that many people find difficult to bear.