At some point during their marriage, a Massachusetts couple may begin to plan for their retirement. However, there are cases where couples may decide to get a divorce, which could cause major problems for both parties if they are nearing the age of retirement or have already retired. While this can be a setback, there are several steps that ex-couples can take to ensure their retirement is not completely derailed. One piece of advice that is often given is for both parties to hire their own financial professional when they are contemplating ending their marriage. A financial adviser may assist with retirement details, future investments and taxes. Both parties should also review their existing retirement assets, and a financial professional may help a client understand how accounts may grow under certain scenarios. When Social Security retirement benefits are considered, many experts suggest that if possible people should put off beginning to draw them down until they reach the age of 70. Finally, making a new budget that takes a divorced person’s new financial limitations into account is extremely important. It is recommended that people track how they are spending their money so that they can better determine where to cut spending in order to save for retirement. Additionally, keeping up with retirement planning after the divorce has been finalized will help the person stay on track. In a high net-worth divorce, an attorney may help a client seek a fair share of the couple’s property. Retirement plans often are a

Many marriages in Massachusetts and across the nation end in divorce, and an individual should be prepared if they believe they are headed toward dissolving their marriage. If the couple has not established a prenuptial agreement, each person might consider hiring a financial advisor before they sign the divorce decree. In a high net-worth divorce, taxes and financial implications can seriously affect what each person walks away with when the marriage ends. Generally, assets can be transferred between married parties without tax implications. However, dividing some assets, such as stocks, art collections or mutual funds, can lead to serious tax penalties. A financial advisor, tax attorney, accountant or other professional can provide additional counsel regarding retirement funds, Qualified Domestic Relations Orders, Individual Retirement Accounts, federal and state income taxes, an estate plan or the dependency exemption for children. The most valuable joint asset for a couple will probably be their family home. The couple might choose one of three options: selling the home with an immediate division of the proceeds, selling the home with delayed division of the proceeds or a buy-out of the interest in the home by one party so that the other party keeps the home. In any of these cases, either partner can prevent payment of capital gains taxes by reinvesting the earnings from the home. However, in order for both parties to qualify, they must have both lived in the home for a certain amount of time. Otherwise, they risk losing their eligibility. During a

For many Massachusetts residents, being successful may mean gaining a considerable amount of money. Measuring success in this manner is not uncommon, and many individuals hope to maintain a certain level of wealth once it has been achieved. However, high net-worth divorce could threaten a person’s ability to remain in control of their assets, especially if there was not a prenuptial agreement in place. Harold Hamm, founder of successful oil company Continental Resources, may be wishing that he had created a prenuptial agreement as he is now going through divorce. It was reported that Hamm’s worth comes in at approximately $17 billion, and now that he and his wife are separating, that wealth could potentially be split in half if it determined that it falls under marital property. In this case, the difference between hard work and luck could play a crucial role. Hamm claims that he was very lucky in obtaining the wealth that is currently attributed to his name. As a result, he believes that he should continue to be in full control of that wealth. However, the assets involved in this situation could potentially be considered marital property and up for equitable division if it is determined that Hamm’s gaining of the wealth had little to do with luck. Because Hamm would like to maintain his wealth and his wife likely hopes to gain an equal share, the high net-worth divorce could be quite complicated. For Massachusetts residents who have a considerable amount of wealth themselves, this

Preparing for a situation that Massachusetts residents believe will be emotionally taxing may be difficult. High net-worth divorce could be one of those situations as the parties involved may feel that their lifestyle will be greatly affected by separation. Therefore, individuals may wish to ensure that they focus on the proceedings as clearly as possible in order to be better able to prepare for their future. When a significant amount of money or property is to be divided during a divorce, it may seem easy to simply worry about how to gain assets that are worth more. Parties may think that they will be more easily able to maintain their lifestyle if they obtain more money or valuable property. However, not all property is easily sold, and if an individual needs the income from the assets, he or she could be found in a difficult situation. If an individual is able to maintain ownership of a residence, it may seem as if something has been won. Unfortunately, making payments on a home may be more difficult when an income is reduced due to divorce. Therefore, researching and preparing for what a person’s situation may be like financially after divorce could help parties have the ability to focus on what would be best for their future as opposed to simply gaining as much property as they can. High net-worth divorce can be difficult for the individuals involved as they may wish to fight in order to maintain the lifestyle they are

When the divorce was granted on Oct. 15, the judge found that Christy Mihos, politician and businessman from Massachusetts, was a deceiving, ego-driven man. His impulsive and reckless behavior was said to have resulted in financial destruction. In the high net-worth divorce case of Christy and his wife Andrea, the court ruled that the majority of their assets go to Andrea. Andrea Mihos accused Christy of misusing millions of dollars during two hopeless political campaigns in 2006 and 2010, along with squandering money on porn stars, strippers and prostitutes. The majority of the Mihos’ remaining riches are offset by liabilities or tied up in real estate, as shown in documents filed in bankruptcy court and the divorce case. The judge ordered two multimillion-dollar homes on Great Island to be sold. According to court documents, the assets are worth around $4 million, including profits from the sale of the Great Island properties. Of this, the judge ordered Christy to receive $1.1 million and Andrea approximately $2.9 million. Christy Mihos had suggested he receive 53 percent, while Andrea Mihos wished to receive 95 percent of the net assets. The final decision granted the husband about 28 percent and the wife about 72 percent. Their condominium in Florida and a home on Great Island were split between them. Of their vehicles, the judge ordered that Andrea Mihos will get a leased BMW, two Land Rovers and a Mercedes, while Christy Mihos will get a Jeep. This Massachusetts high net-worth divorce battle is far