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.
The high profile divorce between Johnny Depp and his former wife, Amber Heard, may be final, but the pair may return to court to debate the details of that split. As part of the couple's high asset divorce, Depp agreed to pay a settlement in the amount of $7 million. Massachusetts residents may recall that Heard pledged to donate that money to several charities. Now, however, she claims that Depp has failed to make good on his side of that bargain.
When many Massachusetts residents consider a prenup, they think about the contract only in terms of asset protection. In reality, however, prenuptial agreements have a number of benefits in addition to protecting wealth in case of a high asset divorce. One of the biggest reasons to negotiate a prenup is to go through a crash course in each party's financial habits.
Divorce attorneys agree that there are certain times of year when divorce filings spike. January, otherwise known as "divorce month," is one of the busiest months for family law attorneys. Often, a spouse will initiate a high asset divorce in the first few weeks of the year, after the holidays have passed. Massachusetts divorce attorneys often use the holidays to rest and recharge, knowing that things will be busy once the New Year begins.
Massachusetts readers know that the end of a marriage signals many changes for the two spouses, including financial adjustments and division of marital property. Any issue that involves the division of money or valuable assets can be complicated, and the appropriate distribution of retirement assets is no exception. Without care and the help of an experienced family law attorney, a high asset divorce has the power to derail a person's retirement.