In Massachusetts, residents like you who are divorcing your spouse will need to handle splitting your assets, too. The more assets you have, the more complex the potential legal issues related to them may become. We at Kajko, Weisman & Colasanti, LLP, are here to help you work through these possible hurdles.
You may have been unhappy in your marriage for a long time, but it can be difficult to think about telling your spouse you want a divorce. You may be afraid of his or her potential reaction, or you could still care for your spouse and not want to hurt him or her. Breaking the news can be one of the most difficult things Massachusetts residents face.
Massachusetts couples who plan on divorcing will certainly be facing hurdles along the way. However, as someone who is involved in a high asset divorce, you will face unique hurdles that others with a smaller net worth will not necessarily have to deal with.
When your Massachusetts marriage ends, your life will change in countless ways, and while some of those changes will likely involve adjusting to new living or custody arrangements, others involve tax-related considerations. At Kajko, Wiseman & Colasanti, LLP, we are well-versed in the significant tax law changes that will impact you and others who divorce this year or moving forward, and we have helped many people navigate this and other hurdles that arise amid divorce.
As you enter into your divorce proceedings in Lexington, one asset that you will want to prepare for when dealing with property division is your 401k. Many often ask us here at Kajko, Weisman & Colasanti, LLP why their 401k's are considered marital assets when such account are funded through their individual employment efforts. We remind them that the income they earn from their jobs during their marriage is considered a marital asset, and given that a 401k is funded largely by one's income, it too falls under the same category. This brings us to the next important topic: how is it too be divided?
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.
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.
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.
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.
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.