high-asset divorce

Court rules man can opt not to pay ex-wife $1.4 million

An heir to the Educor Inc. fortune will receive millions from a trust, and a court recently ruled that he does not have to pay his ex-wife out of that money. The money comes from a trust that the man’s father set up, which contains around $24 million total. The man also works for an Educor subsidiary as an assistant bookstore manager, and he brings in $170,000 per year. On top of that, the man’s brother paid him about $800,000 out of the trust. The brother is in charge of distributing the money. The man’s ex-wife, on the other hand, has been part of the Army Reserves and worked as a part-time ultrasound technician, making $22,672. She quit her post with the military just two years before she would have been eligible for a pension. Reports indicate that she did it to take care of her daughter, at the insistence of the family. Her daughter has Down syndrome. An appeals court had previously ruled that the man needed to turn over about 60 percent of the money from the fund, along with some interest, saying that it was part of the “fabric of the marriage.” The total he was meant to pay was $1.4 million. However, the Supreme Judicial Court recently decided that he should not have to pay since he was not the one in control of the fund, and there was technically the chance that he may not get payments in the future. The man’s lawyer agreed with

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Financial divorce documents you may need

For those getting divorced, it’s very easy to focus on the social and emotional sides of the split. While these things are important, it’s crucial to remember the legal side of the divorce, as well, and it comes with a lot of documentation. You don’t want to overlook anything, so consider the following examples of documents you may need: 1. Change of ownership forms that go along with your investments. If you’re saving for retirement, you want to make sure that you still have access to your funds — and that you’re the only one who does. 2. Beneficiary alteration forms. You probably listed your spouse as the beneficiary on your life insurance policy, and it is time to change it over to another relative, such as a sibling or a child. 3. A Qualified Domestic Relations Order, commonly known as a QDRO. This can be used if you get benefits — like a pension plan — from your employer. Your spouse may be entitled to a portion of those benefits. 4. Title change forms for your major assets. Things like your family home or your car may be in both of your names. Most couples either transfer these assets into just one person’s name or sell them off and divide the money. 5. Your will. This is perhaps the most important document to alter after a divorce, as you want to be sure the right people are given your estate when you pass away. It can be tough to

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How to divorce a wealthy spouse when you have few assets

When there is a great disparity between the individual wealth of the spouses in a high asset divorce, the marital assets and resources can become symbolic of the failure of the marriage. When this happens, sometimes one spouse will unreasonably try to tie up a divorce in order to exact a kind of revenge on the other. Former partners can get hopelessly bogged down haggling over wine collections or antique cars and running up their respective attorneys’ bills. Mediation may be helpful when trying to reach accord on some sticking point in a high asset divorce. One thing that is important to consider when there are children involved is that it can foster confusion and resentment in the kids when one parent has a vastly different lifestyle than the other post-divorce. When one parent earns a great deal of money or comes from a background of wealth but the other parent has few resources, children shuttling back and forth between the two may struggle with living two very different lifestyles. Ensuring that the less well-heeled spouse does not end up penurious is often the best solution for all concerned. This doesn’t mean that the parents will have the same amount of wealth, but will provide the minor children with all that they need to live comfortably in both households. If you have concerns over the financial settlement in your pending divorce because your soon-to-be ex-spouse is independently wealthy, retaining a family law attorney who is very familiar with asset valuation

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Real estate holdings can impact property division

When you have amassed considerable assets, the last thing that you want is to lose those assets if you get divorced. In a high-asset divorce, there are many factors that come into the picture when it is time to divvy up the assets. If you are facing a divorce and have real estate assets, there are some special considerations that you have to take into account. One of the top priorities is that you need to have the properties assessed. This is done by a Realtor and will give you an estimate of what the property is worth. Once you know that information, you can determine the actual value of the property by subtracting any loans that include the property as security. We know that many people are still trying to recover from the financial crisis that occurred. This means that some people might have properties that are in distress or have negative equity. We can help you to determine how those properties should be handled during the property division process. Once we know the value of the properties, we can determine how the property should be classified. This can involve looking into when the property was acquired, as well as how the expenses for the property were handled. It can also include the terms of a premarital agreement if there is one in your case. We also have to consider other assets that you own. We also must consider debts. Once we have all the financial information, we can

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Does when you make art matter during divorce?

As an artist, perhaps you already know that some of your art may be considered marital property in Massachusetts. This means that it can be split up during a divorce, even if you created it and your spouse had nothing to do with it. The art is looked at as potential earnings since it could be sold for money, so it needs to be divided like the rest of the assets that you have. So, knowing this, you may be wondering if when you created the art matters. The truth is that it absolutely does. Generally speaking, the art that you need to split up is that which you made while the two of you were together. This is the same as the way you’d need to split money you earned while you were together. Anything done during the marriage will likely count. However, if you made the art before you got married, then it might be exempt. Art does not always sell right away. If you sold it during the marriage, the money will be divided, but, if it’s art that you brought to the marriage and never sold, it likely stays with you. Additionally, if you make more art after that divorce filing is put in, this is typically not going to be divided. The divorce process can take a long time, and you should not be prohibited from working while it plays out. As you can see, it’s very important to know how this works so that

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Carefully consider all options available in a high-asset divorce

Besides the issue of child custody, the issue of property division in a divorce is one of the most tense that people who are getting divorced face. In the instance of a high-asset divorce, the property division process if often complex because of the various types of assets and debts that are present. If you are facing a high-asset divorce, we can help you to learn about the options you have for the property division process. There are some assets and debts that are fairly easy to divide, especially if you and your ex are in agreement about them. For example, you might want the primary residence and your ex might want the vacation home. That might be an easy solution to the real property. Other issues in a complex high-asset divorce might not be so easy to solve. The more complex aspects of property division during a high-asset divorce comes when there are investment accounts, stock options, retirement accounts, and businesses to divide. In these cases, it is often necessary to obtain a valuation of the assets and liabilities so that we can work on getting a suitable settlement. The last thing that you need is to be stuck with all the inaccessible or non-performing assets while having to cover a multitude of the debts. It is crucial that we take the full picture regarding the assets and liabilities into account. Since Massachusetts is an equitable distribution state, we need to get you an equitable settlement instead of trying

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Complex property division is often a source of contention

Property division during a divorce in Massachusetts is done based on what is equitable, not what is equal. This means that property doesn’t have to be divided equally. Instead, the property division is based on what is just and fair. When it comes to couples who have amassed considerable assets the property division aspect of the divorce can become rather complex. We can help you to learn what you need to know to ensure that your rights are protected as you go through the property division process. One aspect of a high-asset divorce that can pose a significant issue is the presence of stocks. Not only do you have to determine the actual value of the stocks, you also have to consider the type of stocks that are held. For example, stock options and restricted stocks must be handled in different ways because they are different assets. Another consideration in a high-asset divorce is the value of any businesses or retirement accounts that are present. These considerations are on top of trying to determine who gets real estate, heirlooms, antiques, and other valuables. All of these assets must be considered carefully and weighed against the debts that each party will be liable for. We know that you hate to think that the assets you worked so hard to get will be stripped away from you. While we can’t promise you that the property division will go exactly how you want, we can promise you that we will represent your interests.

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More people file for divorce in January

According to the American Academy of Matrimonial Lawyers, the number of divorce filings in the month of January is usually about one-third the normal rate. If you are considering filing for divorce after the holidays, you should have a plan in place. There may be many reasons why more people file for divorce in January. Some couples may have been reluctant to file for divorce during the holidays, particularly if they have children. Others may simply want a fresh start in the New Year. Regardless of the reason, filing for divorce can be a scary prospect. Before your file the divorce papers, there are steps you should take. First and foremost, you should make sure that getting a divorce is what you want to do. Many people file for divorce while emotions are still running high. Consider speaking with others to ensure that you are making the decision with a clear head. A therapist can be particularly helpful in sorting through your emotions and goals. You should also understand all of the financial implications of filing for divorce. For example, any property that you or your spouse acquired during the marriage is considered marital property under Massachusetts law. The law requires all marital property to be divided equitably. Another example of a financial implication is your tax filing status. This is determined by the status of the marriage on December 31st. If your divorce is not final by that date, you are still considered to be married in the eyes

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