When it comes to high asset divorces, there are many different issues that can make splitting up with a spouse even more challenging. In Boston, and cities all across Massachusetts, high net worth couples often have far more at stake and it is particularly important for you to carefully go over all of your options and understand the potential financial impact on divorce if you are in this position. At Kajko, Weisman & Colasanti, we know how beneficial preparation can be under these circumstances, especially for those who have a family-run business.
With regard to high asset divorces, there are countless reasons why couples decide to split up. In Boston, and in other Massachusetts cities, some high asset couples go through a no-fault divorce, while others involve one party claiming the other was at fault. Whether you are worried about your reputation or wish to move forward with a fault divorce, it may be helpful to go over some examples of fault.
Whether you are planning on getting married or are already in the middle of a divorce, prenuptial agreements could affect you and your partner in various ways. At the law offices of Kajko, Weisman & Colasanti, we know how stressful this can be for people in Massachusetts, from Boston to all other cities in the state. Furthermore, this can be especially true for those with a high net worth.
For people from all backgrounds, splitting up with a marital partner can be challenging on numerous fronts. Not only does divorce often create stress and emotional pain, but it can result in financial setbacks, disagreements over child custody and other matters. If you have a high net worth, working through divorce can be especially complicated and it is important for you to understand which steps can be taken to protect yourself. At Kajko, Weisman & Colasanti, LLP, our law firm is very familiar with the ways that people in Boston and across Massachusetts may be affected by a high asset divorce.
Money can play an incredibly powerful role in any relationship, whether you have very little money or substantial assets and wealth. It can create power imbalances, affect lifestyle choices and change how we feel about our partners and ourselves.
When people read about a celebrity divorce or talk to their friends who are going through a divorce, there can be the expectation that a divorce is a single event: you file the paperwork and the divorce is granted. However, in reality, a divorce can take longer than you anticipate because it requires much more than signing some documents.
If you are getting divorced, your status and circumstances won't just change overnight. There can be a significant chunk of time between the time divorce papers are filed and the day your divorce is finalized. This period of time can be quite lengthy in high-asset or high-profile divorces because there is often a considerable amount of complex details to resolve.
Sometimes, a spouse can spring divorce on the other person out of nowhere. Other times, divorce has been on a person's mind for a long time. In the second situation, those who have been considering divorce for a while should think about getting prepared in case the idea becomes a reality. This is especially important when valuable or high net worth assets are at stake. Unfortunately, in many Boston divorces involving wealth one spouse may attempt to hide property or money from the other. Thinking ahead can help you avoid becoming a victim during a high asset divorce.
In 2015, Elon Musk was number 94 on Forbes Magazine's list of The World's Billionaires. At that time, Musk's estimated net worth topped $13 billion as the self-made mogul focused his energies on investing in electronic motor vehicles and space exploration. More recently, the father of five has been back in the news after his second and current wife, Talulah Riley, filed for divorce.
Most people are familiar with the legal document known as a prenuptial agreement. While previously believed to only be a necessity for individuals and couples of significant wealth, today more people are choosing to take steps to guard against a betrothed's financial liabilities and protect the assets they bring to a marriage.