Kajko, Weisman & Colasanti, LLP

high net worth divorce Archives

Alimony, gender and taxes

Long gone are the days when getting a divorce is an unusual thing for couples in Massachusetts but simply the act of getting divorced is not the only thing that has changed over the past several decades. Even the face of divorce itself looks different today than it once did.

What are some tax concerns when dividing assets?

No matter what time of year you get a divorce in Massachusetts, one thing to always keep in mind is the tax liability of any decision you make as part of your settlement. This is especially true in a high net worth divorce situation because you are most likely to have accounts that will face huge tax burdens if they are not handled properly. You should work closely with a tax professional to get the bottom line information about taxes for different accounts. You also should be aware of certain situations that could also bring about some tax liability.

Sex addiction and divorce

Although there are many reasons why couples come to the conclusion that their marriage needs to end, a partner's unfaithfulness is responsible for many divorces. Some people may cheat on their spouse one time and deeply regret what they have done, while others may have little or no regard for their actions. Sometimes, these affairs may go on for years without the other party knowing, while other instances may involve someone being aware of their spouse's infidelity. Moreover, some people cheat on their spouse frequently as a result of sex addiction.

What determines the value of expensive paintings?

An old painting can be worth a lot of money, so if you and your spouse jointly own such a piece of art, you want to be sure how much the painting is actually worth. Massachusetts couples who end up divorcing face the thorny question of who gets the painting, and in some cases the painting ends up being sold with its value split up between the spouses. So it is a smart move to understand how paintings are evaluated.

When might a forensic accountant help in a divorce case?

It is no secret that every Massachusetts divorce is different and that what works for one divorcing couple may not necessarily do so for the next. In other words, if you or your spouse are particularly high earners, or if one of you has an especially complicated financial profile, your divorce may take longer than one involving two low-income earners who were only married a short while.

How do you deal with unique items in a divorce?

Nobody expects divorce to be easy, but some of the complications Massachusetts couples have when they decide to formally end their marriages would probably surprise you. Many of the things you simply shared during your partnership would likely take on a whole new aspect after you decided to split up. 

How can I protect my business during a divorce?

As an entrepreneur in Massachusetts, protecting your business against all risks is crucial. However, many business owners neglect to safeguard their business against divorce, which can result in lost assets and ownership. Accordingly, Inc. recommends the following steps to ensure your enterprise remains protected even at the end of your marriage.

What is marital property?

There are many issues to negotiate during a divorce. One of the most problematic may be that of property division. Massachusetts is an equitable distribution of property state, meaning all marital property is divided between spouses according to what the judge presiding over the case deems fair. While you may consider the family home, vehicles, furniture and savings account balance the only forms of marital property, you may want to think again. There are many types of marital property you may not have considered but are entitled to a portion of.

Beating the pressures of wealth and divorce

Wealth has little effect on the harmony between people in a marriage, after a certain amount. In fact, there is evidence that certain levels of wealth are more conducive to combative divorces. Understanding the pressures involved could help people avoid this type of trouble in their own divorces here in Massachusetts and New Hampshire.

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