Getting a divorce when you and your spouse have wealth seems easier since there is plenty for you to share. Unfortunately, possessing valuable assets typically does the opposite—it makes your situation more complex.
In any divorce, both parties deserve a share of marital property, but dividing assets in an equitable manner is no small feat for the average person. The following high net worth tips can help you emerge from divorce with a fair property settlement.
Never lie about assets
Even if you forgot about an investment or a vacation property, the court frowns on missing or inaccurate financial information. If the judge finds that you purposely omitted something, you might even face legal trouble. Locate all your separate and marital assets and include them in the discovery stage of your divorce. Remember also to include details about your debts.
Know your state’s law
Massachusetts is an equitable distribution state, meaning property settlements must be fair to both parties. It does not always mean that marital assets are split evenly in half. If you understand how the state approaches property division, you can tailor your divorce case accordingly.
Organize documents early
Dealing with a mountain of financial documents is no one’s idea of fun, but you absolutely must know your financial situation to get an appropriate settlement. Try to gather and organize your financial information and evidence as early as possible when planning a divorce.
Seek experienced representation
Navigating any divorce alone is hazardous, but when complex financial holdings and property are at stake, you need legal protection. Find a representative with considerable experience handling high net worth divorces for the best results.
