Preparing Your Net Worth
Massachusetts High Net Worth Divorce Attorney
The first step in property division is preparing your net worth. When the court divides assets in a divorce, it is important to have honest and accurate numbers to represent your total assets and liabilities.
Attorney Andrew H. P. Norton has more than 20 years of legal experience helping Massachusetts clients make accurate determinations of net worth for themselves and for their future ex-spouses. If you are facing a divorce, especially if it involves high net worth or significant assets, let attorney Norton help you obtain the best results possible.
How is Your Net Worth Determined?
Attorney Andrew H. P. Norton helps clients determine their total net worth. This is an important consideration, even before the divorce proceedings begin because accurate knowledge of a spouse’s net worth will help determine the direction of future negotiation and litigation strategies. Mr. Norton works with professionals, forensic accountants, and other financial experts to prepare clients’ net worth by examining:
• Assets value: In some instances, an appraisal may be required to determine the true or fair market value (FMV) of a particular asset. Whether that asset is real property or personal property, it is essential that an accurate value is placed on it. Once a value is established, the parties are then in a better position to negotiate an equitable division of particular assets.
• Retirement accounts and investments: Investments can be varied, and retirement accounts often start building before the marriage begins, making these among the most complex assets to uncover and to divide in a divorce.
• Valuation of businesses and professional practices: It is important to have an accurate valuation of a business or a professional practice established. Again, this gives the parties a good starting point when attempting to determine an equitable division of assets.
• Hidden assets: In every divorce action, each party has an absolute obligation to make full financial disclosure to the other.
Full financial disclosure means notifying the other party of all of your assets, income and liabilities. Some parties by design or mistake may not fully comply with this requirement. Therefore it is imperative that you hire a lawyer like Attorney Norton to help ensure that the other party complies with his or her obligation to disclose all assets and income.
Why Is It Important to Have Accurate, Honest Net Worth Determinations?
Accurate and honest net worth determinations are critical to an equitable divorce settlement. The non-monied spouse needs to make sure to get a fair outcome, and the monied spouse needs to make sure that they are not being unfairly taken advantage of. Attorney Norton represents both monied and non-monied spouses in determining net worth and uncovering hidden assets, with an honest, straightforward approach.
Attorney for Dividing Financial Assets in Plymouth County and Bristol County
To schedule a free consultation, contact the firm or call 508-427-5700 in West Bridgewater, MA.