In general, high-asset divorces involve substantial and high-value assets like closely-held business interests, deferred compensation, stock options, trust funds, and real estate partnerships. The more assets involved in a divorce the more complex the process will be. If you are getting a divorce that involves significant assets, you should visit the website of an experienced attorney to know what you can expect from the process. This can also help you decide which attorney to work with. Here’s what you should know about high-asset divorces:
They are Costlier than Average Divorces
A divorce that involves significant and high-value assets is more expensive than an average divorce. Often, it takes into account the money you have and the marital property with a high valuation. Thus, a high-asset divorce may include several high-net-worth assets like multiple homes and business assets. A divorce attorney will work to protect your interests and make sure you go through the divorce process with the least amount of stress.
They are Time-Consuming
If you and your spouse have accumulated significant assets during your marriage, it may take your lawyer a long time to calculate the value of these assets. That is why a high-asset divorce usually takes longer to settle. Thus, you need to keep this in mind and stay patient. Rushing through the process can be costly. Indeed, you may lose assets you are entitled to in the process.
They Require You to Keep Track of Your Finances
Once you know your marriage is falling, you must take stock of your finances. The court will look into your financial documents meticulously before they make a decision. You don’t want to put yourself under pressure later on when you don’t have enough time to complete this process. Your attorney can help you organize your finances. This way, all financial documents are ready before the divorce proceedings start
They May Affect Your Taxes
No matter the kind of divorce you will go through, you must consider its tax implications. Your marital assets are subjected to significant taxes. That is why you must be clear about the possible tax consequences of your divorce beforehand.
Distribution Assets Can Be Quite Complex
In any divorce, marital and separate property must be distinguished. Marital property is property acquired during your marriage. This property is subjected to equitable distribution in Massachusetts. Separate property such as inheritances and gifts acquired before the marriage is not subjected to equitable distribution. However, sometimes, separate property can be co-mingled with marital property. In this case, the property should be divided equitably between you and your spouse.