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.
If you are truly leaning towards getting a divorce, it is a good idea for you to create a plan of sorts. You will need to think about how and where you will live after divorce as well as your income needs. If your spouse has a lot of wealth, you should probably begin to track down these assets so that you can inform your divorce lawyer. The possibility of alimony may depend upon full knowledge of a spouse’s assets.
Those who do not have much in the way of personal wealth should start setting some money aside. You will need funds to live on as well as money to fund your divorce. Before you bring up the subject of divorce, you should probably begin an inventory of any property you share with your spouse. Typically, these include homes, cars, and financial assets like investments, stocks and insurance policies. Make sure you have documentation about all of the assets you share with your spouse.
Finally, hiring a divorce attorney should be high on your to do list. Getting a lawyer can help you become even more prepared for a high asset divorce in Massachusetts. If it feels like you are being sneaky, consider this: divorce often brings out the worst behavior in people. It is in your best interests to protect yourself as much as possible during your divorce.
Source: Investopedia, “Divorce Planning Checklist: What You Need to Know,” Donna Fuscaldo, accessed May 16, 2016