The McKeon Law Firm
Experience with a Personal Touch
Call to Schedule an
Initial Consultation 301-417-9222

Offices in Gaithersburg & Bethesda

  • Facebook
  • Twitter
  • LinkedIn
Practice Areas

High Asset Divorce Archives


Residency requirements for filing for divorce

In order to end a troubled marriage, a person may move to another state and attempt to file for divorce there. However, filing for divorce is not as easy as showing up at a random courthouse. With just a few exceptions, a person must be a resident of the state in which they are filing for divorce. Residency requirements vary by state and range from six weeks to a year. In Maryland, the requirement is one year.

A personal approach for even the most complex high asset divorce

Divorce is never easy, even when it's a mutually agreed-upon decision. Even in the simplest divorce, there are strong emotions and asset division issues to contend with. In high asset divorces, there are often retirement plans, real estate, business assets, expensive vehicles and other complex issues to deal with. No matter what you own, no two divorces are the same, which is why a personalized approach is key.

Dealing with emotions in a Maryland high asset divorce

A Maryland divorce is difficult for all involved. Many Maryland residents are scared of the process for several reasons. They may be afraid of being labeled a failure. They may be scared of having to split money and other beloved assets. They may also be worried about the effects of divorce on their children. These are all valid concerns. The good news is that we can help, no matter how complex your divorce may seem.

Searching for hidden assets in a high asset divorce

Maryland is an equitable distribution state, which means that assets are distributed fairly - but not necessarily equally - in a divorce. While a businessman may not necessarily have to give up half of his business when his marriage ends, he might still stand to lose a large percentage of it. This can be disconcerting to an entrepreneur who has invested a lot of time and money into a company. He might turn to desperate measures to hide some of his profits from his soon-to-be ex so she can't get a hold of it. However, this lack of disclosure can actually cause more harm than good.

Why a high asset divorce needs a detailed separation agreement

When Maryland couples divorce, they may look to the divorce decree to review negotiations on asset division, child support, child custody and other common divorce issues. However, many lawyers now go a step further and create separation agreements as well. A separation agreement is basically the summary of all the items that the husband and wife have discussed and negotiated on. Our law firm understands the importance of a detailed agreement, and how it is generally a must for something as complex as a high asset divorce.

How does a high asset divorce impact my tax liability?

When Maryland couples divorce, there are many issues regarding property division. This is especially true in the case of a wealthy dissolution. There are often multiple homes, stocks, bonds, retirement plans and much more to split up. There are often many disputes about asset division because of the tax implications involves - something that most couples don't think about. Find out how a high asset divorce can affect your tax liability.

A high asset divorce is complicated; don't do it alone

Maryland couples who have been through a divorce can attest that the process can be very expensive. In order to save as much money as possible, some couples may try to settle everything without help from a lawyer.

What to consider before filing for a high asset divorce

While marriage can be hard, getting divorced is even harder. When many Maryland couples get divorced, they end up fighting over all the assets accumulated throughout the marriage. Besides asset division, there are many aspects involved in a high asset divorce, especially if the couple has been together for many years. Those looking to call it quits may want to consider the following before filing for divorce - and possibly regretting the decision.

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.

Back to top