Dealing with husband’s settlement proposal
QAfter 37 years of marriage, my husband wants a divorce. I want a fair settlement.
My husband provided so-called angel financing for start-up companies and also invested in trusts available only to people who had more than $5 million in liquid assets.
We live in a large house filled with antiques, most of which were given to us by our parents. One-quarter of the basement is a wine cellar filled with expensive wine. He — not me — is the big wine drinker.
He wants his antiques, all the wine, plus the stocks he claims are worthless. My gut tells me that’s unfair. Any suggestions?
AMassachusetts law requires an equitable division of assets. Usually that means you’re entitled to half the value of all the assets. I’m assuming your husband agrees you each should end up with half the value of property that can be valued: so the house, listed stocks, jewelry and assets, such as interests in trusts that made but have not yet distributed money. So I’m going to focus on three points.
First, as to those stocks and interests in trusts he claims have no value, instruct your lawyer to say: “If there is no value, we’ll take 100 percent of those assets!” If that doesn’t work, point out that because a sale at zero creates a net loss, those losses can be used to reduce gains on sales of other stock, which means the zero value stock has value. He then might say there could be a value. Either way, be sure you get half of those so-called losers because some day they may be big winners. Nice, eh?
Second, even if you hate to drink wine, insist you get half of each type of wine from each year. Argue that you’re entitled to half the assets plus you can serve wine to family and friends. If he wants to pay you for your share of wine, hire an experienced international wine dealer who is also a master sommelier. Do not use a wine buyer for one of the local liquor chains.
Third, you’re each entitled to keep antiques received from your respective parents. So you need to get solid appraisals of all of his parents’ antiques. Then let’s say the total value of his antiques equals one-quarter of the value of the wine. So, when he asks for his parents’ antiques, say if you can keep those items, you’d let him have percentage of the wine (meaning his half and half of your half). Do not be surprised when his prior love of his parents’ antiques suddenly wanes, leaving you with the antiques and a smaller amount of great wine. Cheers! Over the lips and down the drain! Wendy O. Hickey has since 1994 been involved in and since 2003 been a trial lawyer who concentrates her practice on national and international family law. Any legal advice in this column is general in nature, and does not establish a lawyer-client relationship. Send questions to dear wendy@bostonherald.com.