Divorces which involve high-value assets may be very unusual. Couples who have had significant assets throughout their marriage could face many difficulties during a divorce. These may include complicated property division, tax implications, and conflict in areas like child support, alimony, and tax implications.
High-asset divorces in Maryland require the assistance of a family law attorney who is experienced to guide clients and ensuring a positive outcome. The following are the things that individuals need to know about hiring an attorney to help with navigating high-asset divorce proceedings in Maryland.
What Is A High Asset Divorce, And Why Would You Want It?
A high asset divorce can be defined as one in which there is more than one million dollars worth of liquid assets. A divorce could involve many assets, including real estate, overseas investments or stock options. A divorce case can become more complicated if there are a lot of assets involved.
Each divorce case is unique. The final division will be determined by the specifics of each case. Either one of the spouses may have contributed income to the marriage or assets, which can lead to conflict in a separation. In some cases, prenuptial agreements can be made by a couple to determine how assets will split during a divorce.
Valuing assets can be difficult. There are many factors to consider, such as how much to assign to real properties, ownership interests and partnerships, as well as the cost of expensive collections. Divorce lawyers in Maryland often need expert witnesses in complex cases with high assets.
Maryland offers two main types of divorce options: absolute or restricted divorce.
Absolute divorce ends the marriage and resolves all legal issues. Legally, both spouses can remarry once an absolute separation has been reached.
The couple can still resolve important issues through a limited divorce. However, the marriage cannot be ended immediately. Instead, both spouses can approach the court to discuss issues like custody, finances, and alimony. Sometimes, a court may require a couple to go through limited divorce proceedings before they are eligible to file for an absolute. To facilitate their final divorce, Courts have recently allowed couples to opt for a limited divorcement.
Division Of Marital Property
Maryland is an equitable division state. The court is not required to evenly divide marital property between the spouses. The court will decide how assets and property should be divided. However, it is not necessary to divide the property 50/50. However, the court will often divide the marital property into half-fair cases. If there are valuable assets, it can be difficult to divide property fairly.
Marital property includes all assets that are part of the marriage. It does not include one spouse’s property which is considered separate property. real property that the couple acquired during the marriage is one example of a marital asset. It may also include any other property that was acquired during the marriage, such as vehicles. It may not include property from a third party to one spouse like a gift or inheritance.