A business succession plan is important for transitioning a Massachusetts business to new ownership in the event the original owner dies, leaves the business or retires. Ideally, you want to create your succession plan within your first days of opening your business. But once you have set your succession plan in place, it is important to not assume the plan needs no further attention until the day the plan is to be implemented.
You may hold or have held a lucrative career and, even though you just recently married, still want to maintain your financial independence. You might also be aware of the horrors of high asset divorce and fear you could end up losing a lot of your financial assets if you ever get divorced. However, according to Forbes, you do not have to surrender complete financial independence. You still have the option of opening and maintaining a Massachusetts bank account separately from your spouse, an option that presents a number of pros and cons.
Many people enjoy a good magic show, especially when the magician makes an assistant seemingly vanish before their eyes. However, divorces can sometimes feature a particularly nasty vanishing act when people discover that assets accumulated during their marriage have suddenly disappeared. There are a number of ways a spouse may attempt to hide assets from you so that you do not acquire some of them in a Massachusetts divorce settlement.
Do you fear that a divorce may end up taking away a piece of land or a vehicle you love and cherish, or deplete you of much of your financial capital? While some couples may have this concern, even Massachusetts couples who do not even think divorce is a remote possibility have avenues available to protect their assets before a separation actually does occur.
If you are divorcing in Massachusetts, one thing you may need to think about is alimony. There are several different kinds of alimony and different reasons it is ordered. Understanding all these details can better enable you to strike the right alimony deal during your divorce negotiations.
When Massachusetts couples go into business together, sometimes if that marital relationship ends, it can have ramifications for the business the two jointly own. In a divorce litigation, a company owned by a divorcing couple could end up dissolved or sold off if the spouses contest ownership of the business or its assets. However, high asset divorce does not have to destroy a couple’s business if the couple elects to sign a buy sell agreement.
Sometimes you get lucky and your Massachusetts divorce goes smoothly and quickly. You and your spouse agree easily and there is no fighting. However, that is not always the norm. Often, you will end up dealing with a spouse who is difficult. He or she may not agree to anything you want or may seem to fight you at every turn. This can make for a difficult divorce.
After a divorce in Massachusetts, you may feel like everything is done and finished, but there are loose ends to tie up. One thing you may need to deal with are mementos from your wedding. In a high asset divorce situation, you may have handled some of the more expensive items, such as the rings and major wedding gifts, but there are still the sentimental things you have to deal with. Should you throw them out?
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.