Divorce is complicated in all situations, but a high asset divorce can be even more challenging. In a high asset divorce, a spouse may own a successful business, intellectual property, investment property, stocks, or other types of valuable property. These can be difficult to value and divide, but a Montgomery County high asset divorce lawyer could help work toward a positive outcome.
What Assets Are At Stake in Montgomery County Divorces?
In Montgomery County and throughout Maryland, only marital property is divided in a divorce. Marital property includes, with certain exceptions, assets acquired during the marriage. If a spouse acquired an asset before the marriage or received an inheritance, this asset is non-marital property. Therefore, it will not be divided during the divorce process. It it is helpful to collect any records related to asset acquisition. With these in hand, a Montgomery attorney might be able to help to protect spouses in high asset divorces to preserve property that should not be divided.
When considering how to divide property in high asset divorces and all divorces, courts use the following set of considerations, as codified in Md. Code Ann., Family Law §8-205 : the value of all of the property at issue, the contributions both spouses have made to the family and marriage, the current financial situation of the spouses, the role the spouses each played in earning the assets, the duration of the relationship, the age and medical condition of each spouse, and others. A lawyer in Montgomery County could assist a spouse in a high asset divorce to apply the multitude of factors to the facts of their case and work toward a positive resolution to their case.
Courts are also empowered to order the sale of real property in the event of a divorce and may even divide the use of the family personal property or give exclusive use and possession of the home to one of the spouses. A court can also order one the parties to pay home mortgage, insurance, utilities, rent, or other costs of maintaining the home. In such determinations, courts again balance a variety of factors and apply them to the unique facts of the case.
How Much Are Assets Worth?
In divorces that involve large amounts of assets, it is common to pursue a contested divorce. In a contested divorce, the spouses must make full financial disclosures. This helps to eliminate concerns about either spouse hiding assets or otherwise failing to be completely forthright about their financial situation.
While certain assets have a clear monetary value, it may be difficult to place a monetary value on others. Goodwill in a business, professional practices, stock options, or investment properties may all be difficult to value. If any of these assets are part of a divorce, it may be a good idea to consult with experts such as CPAs and forensic accounts who are experienced with assessing these types of assets. A high asset divorce attorney may help anyone struggling with a Montgomery County divorce to collect these expert opinions and present them to a judge.
Call a Montgomery County High Asset Divorce Attorney Today
High asset divorces involve issues such as child custody issues, alimony, property division, attorney’s fees and others, just like any divorce. However, there are also certain complications that arise due to the high net worth of the divorcing spouses. Considering that family homes, investment properties, businesses, and more will be divided in the divorce proceedings, it is essential to have knowledgeable counsel advocating for you.
If there is a large amount of finances at stake in your divorce, a Montgomery County high asset divorce attorney could fight for a favorable resolution to your divorce. Call today to book your consultation.