Posts tagged "asset division"
When most Maryland residents think about complex asset division in a divorce, they probably envision discussions over how to sell their most valuable asset - the family home - and divide the proceeds. However, in a high asset divorce, the stakes can be much more significant than that from a financial standpoint.
Our readers may have seen a previous post here detailing reports about how the divorce rate in America is increasing even as the economy improves. It seems that this assertion is gaining even more evidentiary support, with another report out recently that states that in 2012 - the last year available for this statistic - the number of divorces in America increased for the third straight year.
Many people probably have a view of divorce primarily as a way to get a clean break from an unhealthy relationship and move on with life. While this may be true in many cases, the unfortunate reality is that a divorce involves much more than simply parting ways with a spouse, especially if it is a high asset divorce.
Americans are fascinated with celebrities. But when a high-profile couple goes through a high asset divorce, the media frenzy can be astonishing. That has been the case since news broke that Rupert and Wendi Murdoch would be getting a divorce. Rupert Murdoch is one of the wealthiest people in the country, and the fact that he himself is the chief executive of a major news corporation is only adding fuel to the fire. But, as a recent article noted, there may be some ways for the average Maryland resident to benefit from watching this type of divorce unfold.
From time to time the divorce of a high-profile couple will consume the news media, for a variety of reasons. When Tom Cruise and Katie Holmes divorced, much of the news coverage was focused on what would happen with the custody situation for their young daughter, Suri. When Kim Kardashian and Kris Humphries divorced the media was obsessed with determining whether the whole marriage was a sham to begin with. Now, there is another couple in the headlines because they have filed for divorce, but this time the news is focused on much different topics: one of the parties himself is a member of the news media elite, and it is likely to be a high asset divorce - perhaps as high asset as it gets.
Many of our Maryland readers are probably familiar with the annual listing by Forbes of the richest people in our country. There is usually an overall list of the richest people, as well as breakout lists by category, such as the richest athletes or movie stars. The most recent list of the richest Americans included Harold Hamm, who Forbes has reported is worth approximately $11 billion. Unfortunately for Hamm, he has made news headlines recently not because of his many accomplishments that landed him on the Forbes list, but for his impending high asset divorce.
As if the divorce process didn't already have the potential to be protracted and complicated, new laws that took effect at the beginning of the year may have a significant impact on the process for many people. Of all the issues in a divorce, property division usually has the potentially to be the most contentious. Now, with new tax laws in effect, it could get even worse.
When it comes to filing for divorce in Maryland, most of our readers know that complex property division issues can take up more time - and money - than most want to think about. And, when it comes to property division, oftentimes the most contentious point of order comes down to the most important piece of property - the house.