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Protecting Your Financial Future In Divorce
One of the chief concerns spouses have when entering divorce proceedings is how their assets will be divided. This is especially true for those who own businesses or possess a great number of complex assets or retirement holdings. In such cases, it can be extremely difficult to distribute assets in an equal or equitable manner. As a result, spouses worry a great deal about their financial futures.
We can help. At Richard C. Bardi & Associates LLC, our lawyers have decades of experience guiding individuals through all aspects of divorce. Our aim in every case is to help our clients reach a favorable resolution. To this end, we often collaborate with accountants and other financial professionals to develop an accurate appraisal of a couple’s holdings, thereby ensuring that property is divided fairly and appropriately.
Based in Boston, we serve throughout Massachusetts, and are always prepared to assist.
How Are Retirement Assets Divided?
Couples put a lot of planning into their retirements. The prospect of divorce puts those plans in jeopardy. Especially for older individuals, who are divorcing at higher and higher rates, the prospect of parting ways can produce anxiety.
In most cases, the division of retirement assets is dictated by a qualified domestic relations order, or QDRO. A QDRO is a court-sanctioned decree that stipulates precisely how pensions, 401(k)s, Roth IRAs and other retirement holdings will be distributed. Specifically, they delineate what percentage of a given account each spouse will receive and for how many years. In this way, individuals who may not have had accumulated retirement earnings of their own can still collect payments from their former spouse.
Yet it’s important to work with a lawyer when establishing a QDRO. Simply put, a lawyer can protect your rights and interests and minimize the risk that your spouse will try — and succeed — to hide assets during proceedings.
How Are Business Holdings Divided?
Whether a sole proprietorship or jointly owned by the couple, businesses are also subject to property division. Yet this can imperil the business’s viability. With this in mind, our attorneys work with couples to help secure the futures of the enterprises they own and protect them from vulnerability.
The first step in the process is to properly evaluate your business’s worth. Our firm works with business and finance specialists to assess an entity’s proper value, and then we will assert your interests in negotiations with the opposition. Our approach is goal-oriented: In every case we take on, we take time to develop a full understanding of our clients’ priorities, and then set about achieving them. We have developed a reputation for success in such matters; indeed, a number of the individuals we represent are referred to us by former clients.