More Assets Often Lead to More Conflict in Divorce
If you have significant assets or if you or your spouse is a high wage earner, going through divorce is likely to be a complex process. The sooner you discuss your situation with a lawyer, the better prepared you will be.
I am Eileen Agnes, a family law attorney serving clients in Framingham and the Metro West area of Massachusetts. If divorce is in your future, I offer a free initial consultation to discuss the issues that are likely to be a part of your case.
Focusing on Property Issues
High net worth divorces often involve assets that require an expert's help to value. Examples of marital property that will need to be evaluated and divided include:
- Professional practices (such as medical or legal)
- Commercial property
- Paintings and other artwork
- Collectible assets such as cars and coins
- Pension plans and 401(k) accounts
- Bank accounts
- Future earnings such as bonuses, commissions, deferred compensation and stock options
Even if an asset is titled in only one person's name, it will be considered a marital asset in Massachusetts if it was acquired during the marriage. It may also be considered an asset if acquired prior to the marriage.
If you are concerned that your spouse has hidden assets, your lawyer will need to use experts who are capable of tracing assets and conducting a lifestyle audit. If your spouse has a cash-based business and has under-reported earnings to the IRS, a forensic accountant can help determine how much money the business really made.
Alimony and child support: If you have children and your earnings are above $250,000, the judge has a great deal of discretion in determining child support. Depending on the length of your marriage, the judge could order a significant amount of alimony.
Free Lawyer Consultation
I offer a free initial divorce consultation at my law office in Framingham. To schedule an appointment with me, attorney Eileen Agnes, call 508.879.9876 or fill out the contact form on this Web site.