Why High-Asset Divorces Are More Complicated
If the end of your marriage involves dividing significant assets, you’re stepping into the complex and often daunting realm of high-asset divorces. Dividing sizable estates, intricate investments, and shared business interests introduces many layers to the divorce process, each demanding close attention and a keen legal eye.
The McKeon Law Firm is proud to stand with those going through high-asset divorces in Maryland. While we have offices in Bethesda and Gaithersburg, we serve clients throughout Maryland who need help with this complicated issue. Our seasoned attorneys offer exceptional legal advice and compassionate understanding. We are dedicated to helping you secure a fair division of assets while protecting your financial future. Keep reading for more information on the challenges in Maryland high-asset divorces.
Common Issues with Maryland High-Asset Divorces
High-asset divorces in Bethesda, Gaithersburg, or elsewhere in Maryland frequently involve legal issues you don’t see in a typical divorce. Some common challenges with high-asset divorces include:
Evaluating and dividing complex assets
Assets like real estate, businesses, high-value collectibles, stock options, and retirement accounts may require help from qualified experts to determine their value. Furthermore, the division of these assets must also consider factors such as when one or both spouses acquired the asset, the nature of ownership, and potential tax implications.
Dividing up a business
When a Maryland divorce involves a business, figuring out whether and how to divide that business, or its value, among the spouses can be a challenge, even if only one spouse owns the company or has an ownership claim. The business might represent not only a substantial asset but also a source of income, making the issue even more complex. Determining the value of the business, accounting for its growth during the marriage, and deciding whether it’s separate or marital property all require nuanced legal knowledge.
Tax implications
The division and transfer of assets such as real estate, investment portfolios, retirement accounts, and business interests can trigger significant tax liabilities for both spouses in a high-asset divorce. Neglecting to consider these factors could inadvertently lead to a financially disadvantageous settlement. Experienced legal guidance is necessary to navigate these complexities and protect both parties’ financial futures.
Handling shared debts
Mortgages, business loans, credit card debts, or personal loans taken during the marriage may be divided or otherwise accounted for. However, determining responsibility for these debts can become contentious, especially if one party accrued them without the other’s knowledge or for their exclusive benefit. Moreover, when making the property division, your attorney must take into account both the amount owed and the potential impact on each party’s credit score and future borrowing ability.
Dividing assets in multiple states
High-asset divorces become significantly more challenging when a couple has shared marital assets in multiple states. Each state has its own laws regarding property division in divorce. Some apply community property laws, which stipulate an equal division of assets. In contrast, other states that follow equitable distribution principles, like Maryland, require that any shared assets must be divided fairly but not necessarily evenly. This discrepancy can lead to varying interpretations of how to divide shared assets, and which state’s laws apply can be a matter of significant debate. Furthermore, dealing with multiple jurisdictions can add to a divorce’s logistical complexity, lengthening the process and increasing costs.
Our Maryland High-Asset Divorce Lawyers Are Here for You
High-asset divorces in Maryland involve intricate financial and legal decisions that can significantly impact your future. A seasoned attorney from The McKeon Law Firm can clarify this process and help you understand the intricate layers of asset division, tax implications, debts, and multi-state regulations related to your divorce.
Our team is dedicated to protecting your interests while providing the support and guidance you need during this challenging time. Call us at (301) 417-9222 or complete our contact form for a consultation.
