Norfolk High Net Worth Divorce Lawyer

Norfolk High-Net Worth Divorce Attorney

Divorce is rarely easy, but having significant wealth, businesses, and assets can increase this level of difficulty. Navigating a high-net-worth divorce in Norfolk presents its own set of unique challenges. It requires more than mere legal knowledge to safeguard your wealth in divorce, a professional Norfolk high-net-worth divorce lawyer can protect your assets and future.

Why Choose Us?

At Farias Family Law, P.C., we understand that divorce in Norfolk is more than a mere legal process. It can also affect your entire life. We are committed to helping you during this difficult time by focusing on your unique interests, rights, and goals. With a focus on well-being, honesty, and collaboration, we offer transparent communication, genuine advice, and steadfast support during your case.

Whether you’re navigating complicated paternity, asset division, child custody agreements, or post-divorce adjustments, we customize our approaches to secure your rights and enable you to proceed with assurance. Our goal is to successfully settle your legal issues while simultaneously giving you the tools you need to succeed in your next phase of life.

High-Net-Worth Divorce in Norfolk

High-net-worth divorces involve people who have significant business assets, real estate, cash, retirement accounts, and/or investments. Because these cases involve a lot of variables, they require meticulous attention to detail and a thorough understanding of Massachusetts divorce law.

Massachusetts has seen a 32% decrease in divorce filings since 2011, which is the largest decrease of any state in the union and almost twice the national average. With the total national divorce rate falling 17% over the same period, fewer people are divorcing.

Researchers also found that a person’s income has a big impact on whether they want to get married. The most likely males to be married are those who make above $100,000 annually. On the other hand, divorce rates are highest among women who make between $75,000 and $100,000 annually.

Considerations in High-Net-Worth Divorces

When dealing with a high-net-worth divorce, there are several assets that must be considered. Some of these include:

• Accurately identifying assets: Assets to identify and value include vehicles, homes, expensive jewelry, stocks, business assets, and intellectual property. We work with financial professionals to make sure your assets are properly valued and accounted for.
• Business interests: When a couple jointly owns a business and gets divorced, deciding on the next steps can be complex. We can work with you to determine if the business should be split, sold, or given to one party.
• Real Estate: Those in high-net-worth divorces often own multiple properties. Determining the value of real estate not only values the property’s raw value but also considers tax implications and the ability to generate income in the future.
• Retirement accounts: To maintain compliance with federal and state rules and prevent needless tax penalties, retirement funds, and investment portfolios must be divided carefully.

Alimony and Spousal Support

In Norfolk, spousal support or alimony is based on a variety of different factors, including the length of the marriage, each spouse’s age, health, and earning potential, the standard of living during the marriage, and each party’s income. The court will also consider the contributions of the less-earning spouse, such as their involvement in homemaking and supporting the other’s business and educational endeavors.

Due to the size and variety of financial resources involved, these factors become much more complicated in high-net-worth divorces. Investment portfolios, company ventures, and substantial assets can all have a big impact on how much and how long alimony is awarded.

Child Support and Child Custody

Child support and child custody can be emotional in any divorce. However, in high-net-worth divorces, these can be even more emotionally charged and complex. Child support is typically determined by taking the income of both spouses and inputting it into a formula to determine support. This usually only applies to couples making under a certain amount.

In high-net-worth divorces, the court has a greater level of discretion to determine outcomes that are in the best interests of the child. The court will take multiple things into consideration, including the standard of living during the marriage, educational costs, extracurricular activities, healthcare, and both parents’ financial means.

When determining child custody, the court will consider the emotional needs of the child, the stability of the home, and each parent’s relationship with the child. Many of these issues can be handled at the Norfolk Probate and Family Court.

FAQs

Q: What Qualifies as a High-Net Worth Divorce?

A: A high-net-worth divorce often entails marital assets worth at least $1 million. Complex financial matters, including business ownership, holding several properties, investments, retirement accounts, and luxury items, are frequently present in these cases. High-net-worth divorces necessitate specific legal knowledge due to the high stakes involved in guaranteeing appropriate asset protection and division.

Q: How Is Property Divided in a High-Net-Worth Divorce?

A: Property is divided in a high-net-worth divorce using the equitable distribution model. This means that assets are divided fairly, not necessarily equally. Courts carefully evaluate all separate and marital property, including investments and businesses, in high-net-worth divorces to guarantee a fair distribution. Considerations include the contributions made by each spouse, the state of the economy, and future needs.

Q: Will My Business Be Divided During the Divorce?

A: A business may be divided during a divorce. A business may be deemed marital property that needs to be divided if it was started or expanded substantially during the marriage. The business may be sold and the earnings divided, or the courts may grant one spouse complete ownership while compensating the other. The fair market value of the company is usually determined by a valuation professional.

Q: How Is Alimony Determined in a High-Net-Worth Divorce?

A: In Norfolk, alimony is determined by several variables, including each spouse’s future financial prospects, income, and the level of living during the marriage. To ensure that spousal support fits the couple’s familiar needs and lifestyles, the court could deviate from standard rules in high-net-worth cases to account for significant income or assets.

Get Norfolk High-Net-Worth Divorce Lawyers Help

If you are going through a high-net-worth divorce, an attorney at Farias Family Law, P.C. can make sure your interests and future are protected. Contact us today to get your case assessment started.