Advice before your high asset divorce

Advice before your high asset divorce

On Behalf of | Aug 31, 2022 | Divorce |

When you have a high net worth, divorce becomes much more complicated. It takes longer and usually involves significantly more litigation. An uncontested divorce is usually the ideal option, but the more marital property you own, the less likely this becomes.

According to the Massachusetts legislature, the courts may choose to assign any amount of the estate to either husband or wife. This makes preparing for a high asset divorce essential, so you do not lose more of your property than you must. See below for some considerations before beginning the divorce process.

Think about capital gains

Capital gains tax is a big part of property division you need to consider. If the court orders you to divide up assets or you choose to liquidate real estate and split the profit, there are significant tax consequences you must consider.

Do not conceal assets

Hiding assets is a very bad idea. If you attempt to conceal any assets, the court likely will give you an unfavorable property division outcome. Do not think you can hide your assets, especially in a high asset divorce. It is unlikely you can conceal your net worth from professional forensic accountants.

Take your time

You may want to get the divorce over quickly, but rushing the process might cause more harm than good. Taking the time to evaluate any business or property ensures the fairest outcome. The fastest way is not always the best.

Considering tax implications, being honest with your assets and letting the process unfold are just a few things involved with high asset divorce. Property brings a certain amount of responsibility, and the more you have, the more difficult it is to split up during a divorce.