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High asset divorce not for the faint-hearted

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.

Many high net worth couples are both intimately involved in the running of a family business, and determining the value of each party's portion of the company is an intricate process that might require professional guidance. A financial valuation of the business is required, and the assets must be examined. Then, the proportional value of the contribution of each spouse will need assessment.

Determining the values and the division of other assets can be equally challenging. These may include other partnerships, joint IRAs, pensions, 401(k)s and stock options, along with real estate, trusts and more. Mistakes often made include one spouse hiding assets to avoid sharing them, and the other spouse failing to investigate the possibility of hidden assets. Tax consequences such as those brought about when alimony is awarded are often forgotten.

Fortunately, this is not a process that anybody needs to go through without help. The support and guidance of a Massachusetts divorce attorney are available. A family law attorney who is familiar with the intricacies of a high asset divorce might even have other resources such as financial advisors, real estate evaluators, tax consultants and more to assist in the navigation of it. With the support and guidance of a carefully selected support team, a financially stable post-divorce life might be the outcome.

Source: investopedia.com, "Why are high net worth divorces considered more challenging than other divorce cases?", May 12, 2017

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