Complex Property Division Demands Skilled Analysis
At the law firm of Davis & Davis, P.C., in North Reading, we have the acumen and skill to successfully protect our clients’ interests. Our founding attorney, Patricia Davis, brings more than 20 years of experience to divorce and family law matters in Middlesex County and Greater Massachusetts.
While less experienced lawyers may not fully understand the tax implications inherent in property division, Ms. Davis does. Her breadth of knowledge, garnered over decades of practice, has given her insight found in no legal textbook.
For instance, if there is a gain on the strike price of stock or a mutual fund, it is critical to know the differences between a Roth IRA and a traditional IRA. One involves pretax money and the other involves post-tax money, so the tax consequences will differ greatly. We use our knowledge in a strategic manner to strengthen our clients’ financial position after divorce.
Wisely Designate And Divide Your Valuable Assets
We assist clients with the equitable division of a wide array of assets, including:
- IRAs, 401(k)s and other retirement accounts
- Stock options
- Military pensions and benefits
- Professional practices and closely held businesses
- The marital home
- Vacation or investment property
- Vehicles, valuable art collections and other assets
When it comes to additional forms of compensation, such as stock options, how they are designated makes a significant difference. Calling this compensation “income” versus calling it an “asset” carries serious ramifications. An obligee will generally receive a third of the obligor’s income but half of any marital assets.
Creatively Address Tax Consequences To Keep Your Money
We believe that our firm’s success in high net worth divorce cases stems in part from our in-depth understanding of the potential tax consequences. Prior to founding Davis & Davis, P.C., Ms. Davis worked as legal counsel for the Massachusetts Comptroller’s Office, which oversees accounting. She knows when to reach out to tax experts to protect her clients’ financial interests.
For example, on a support order, the standard approach is to take approximately a third of the gross income of the obligor and give it to the recipient. A more creative approach is to maximize the tax savings. Instead of giving unnecessary money to the government, we redirect it back toward the family.
Or, a client may wish to stay in the marital home without giving up his or her right to retirement assets. To this end, we can investigate innovative solutions such as conducting a deferred sale or giving the mortgage interest deduction to the obligor. In every case, success is dependent on recognizing and creating unique solutions that accomplish our clients’ goals in the most advantageous financial manner possible.
Contact Us To Schedule An In-Depth Consultation With An Attorney
Call Davis & Davis, P.C., at 978-276-9051 or email our North Reading office to set up a consultation about the division of marital property.