Types of property involved in a high asset divorce

No matter how long a Maryland couple has been married, a divorce can still be emotionally draining. Divorces, however, are often easier when the couple has only been married a year or two. After this short amount of time, most couples do not accumulate much in terms of assets. They probably do not have kids together or even a house. However, when couples have been married for decades and suddenly divorce, things become more complicated. A lot can happen in that length of time. Couples may have started businesses, or accumulated collectibles and other assets of value. There are many types of property potentially involved in a high-asset divorce.

High-asset divorce isn’t just for celebrities. With many people starting their own businesses or focusing more on investments, it’s not uncommon for seemingly working-class people to have millions of dollars in assets. Assets can mean money, material possessions, and financial accounts. All of these assets must be split in a divorce unless they were acquired before the marriage.

Assets involved in a high-asset divorce may include retirement accounts. Many companies offer IRAs, 401(k) plans, pensions, and bonuses that the other spouse may be entitled to receive in a divorce. In addition, many people have investments such as stocks, bonds, and real estate. They may also have valuable collectibles such as sports memorabilia, old cars, artwork, and jewelry. If either spouse owned a business, the assets would also be divvied up in the split.

Because Maryland is an equitable distribution state, spouses may be entitled to a large percentage of their soon-to-be ex’s business and property. To protect your business and ensure that you receive a fair share, it’s imperative that you hire a qualified attorney. Learn more about what this entails by visiting our high-asset divorce webpage.

Source: N/A