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. 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.