Getting divorced is often an emotional and complex time for people. The later in life you divorce, the more final it may all seem. You may try to take the high road by not asking for your fair share of marital assets, but that could have long-term repercussions on your life. If you are divorcing, you need to ensure that your future and finances are protected. That often means seeking a fair portion of any retirement account you and your spouse have contributed to over the years of your marriage. When splitting assets like retirement accounts, the help of an experienced attorney is invaluable.
High Asset Divorce Archives
Anyone can rattle off the "50 percent of all marriages end in divorce" statistic. But this commonly cited "fact" ignores many of the intricacies captured within marriage and divorce. A study by the Pew Research Center has found that, while the overall divorce rate is significantly higher than a century ago, it has been on a steady decline over the past 20 years. Specifically, the researchers found that the current rate of divorce, as of 2010, is 3.5 divorces per 1,000 people. This is down from four divorces in 2000.
It's true that every marriage is unique and deals with unique expressions of problems, but marriages are made up of humans who tend to make the same type of mistakes. Humans are only a few thousand years removed from nonverbal communication. Therefore, facial expressions, body language and tone are still very important parts of the communication toolbox. These experts go over how you can pay attention to these nonverbal cues.
Every divorce has the potential to be emotionally, physically and financially life-changing. However, when you and your soon-to-be ex are dealing with complicated assets or large sums of money, it is the financial aspect that can take precedence.
If you're a regular follower of our blog then you may have read last week's post in which we discussed how to determine whether a business is considered separate or marital property. As we explained in the post, which can be found here, marital property is divided equitably during divorce proceedings. In order to do this with a business, though, it must first go through the valuation process.
Everyone says that getting a divorce is an emotionally charged process, filled with contentious moments and bitter disagreements. But when a large amount of assets are on the line, this statement becomes all the more true, making divorce proceedings even more challenging for high net-worth individuals.
When most people think of a couple going through a high-asset divorce, the thought of one spouse hiding assets usually comes to mind. As we have stated before, in a matter of a few discussions with a family law judge, a high-asset individual can see their wealth shrink quickly, leaving them with less than what they had been used to for all those years. Hiding assets may appear to offer a way to protect the wealth a high-asset spouse may feel they are entitled to.
Going through a divorce is hard enough on people after you consider the emotional struggles couples face and the overwhelming burden of dividing assets and liabilities. But what truly makes divorce a challenge for Maryland residents is a law most people don't know exists until they have to face it during divorce proceedings.
We can say with incredible certainty that going through a divorce will have a significant impact on your finances. That's because there is a considerable amount of research out there that tells us this is true. When it comes to children, we can say again, with relative certainty, that they will also be affected by the process, which is something we pointed out in a post last month. We can say this because of psychological studies and because of the professional opinions of experts in the field.
As we have mentioned many times before on our blog, many couples are waiting until later in life to divorce. Whether because of timing or a newfound social acceptance, "grey divorce" has become a popular alternative to staying in a troubled marriage after retirement. But as we have pointed out in past posts, waiting to divorce until later in life can create difficulties as well as raise a number of questions.