Burke Levy, P.C.

The risk associated with a high asset divorce

No matter the income bracket, divorce can be challenging for all those involved. It can be even more unnerving when significant assets are at stake. Massachusetts couples approaching the divorce process should be aware of the case complexity and the emotional roller coaster that often comes with the territory.

There are many financial issues that arise throughout the divorce process for top executives. Some important issues to consider are employment agreements and the details of their compensation plans. Before agreeing on a settlement, it's important to consider and understand all secured rights, implications of any taxes, limitations on stock sales and the import of any retirement plans. Including a financial advisor throughout the process can provide assistance in tracking income, accounts, assets, debts and other financial matters before making a final  decision.

The cost of legal representation during high asset divorces should also be considered. Depending on the executive's professional circumstances, a number of experts may be required in order to properly handle the complexity of any high asset case. The cost of the case preparation, including document production and exhibit preparation, can quickly add up. Understanding the complexity of a case can help executives estimate and prepare for any additional cost.

When dealing with a complex divorce, there is no cookie-cutter approach. Individual needs and wants must be tailored toward each spouse's circumstances and goals. With the help of experienced legal counsel, Massachusetts spouses can better understand their rights and be guided throughout the entire high asset divorce process so that they can move forward with their lives.

Source: chicagobusiness.com, "Wealth Management: The Executive Divorce", Jason G. Adess, Meighan A. Harmon, Pamela Lucina, Accessed on Feb. 3, 2018

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