When marital assets in a divorce total one million dollars or more, the case is considered in Clarksville, Maryland to be a high-asset divorce. These cases involve a different set of challenges than typical divorces. Property division, for one, can get complicated, and then there are tax implications. If there are child support and/or spousal support disputes, these cases can get drawn out for a long time. The longer a divorce takes, the more emotional turmoil the parties suffer, and the strife also affects any children who are involved. It is all but essential that high-asset divorce cases include experienced legal representation, especially if the case ends up going to trial. Fortunately, cases with an experienced family lawyer involved are typically settled outside of court.
The Law Offices of Todd K. Mohink, PA, works relentlessly in high-asset divorce cases. We make every attempt to come to an agreement with the opposing side without having to go before a judge. Maryland family court encourages couples to work out an arrangement that they both can agree to, but it isn’t always possible, especially when sizeable assets are involved. When litigation is necessary, our aggressive approach in the courtroom can garner a more favorable outcome for our clients than they would likely get without our help. We have never had a client regret hiring us to counsel them through their divorce. We do have, however, countless reviews from satisfied clients expressing how glad they are that they hired our firm.
Marital assets are defined by Maryland family law as any liquid assets acquired during the marriage. This includes:
The more assets that are involved, the more complicated things can get, especially amid disputes over the division of these assets. This is one very important reason to hire a divorce attorney in these situations. You don’t want to get into a position where you’re left vulnerable to the legal team representing your spouse.
If you and your spouse cannot come to an agreement, you will be forced to have a Clarksville family court judge make these important life decisions on your behalf. First, your marital assets will need to be valued, which can be a difficult process depending on the details of your situation and the simplicity of valuing your assets. Certain items are oftentimes difficult to value in a timely manner, such as:
Professional appraisers are sometimes even required to put a monetary value on things that are seemingly otherwise priceless.
Furthermore, there are unique factors that affect property division differently in every case. For instance, the division of assets, when determined by the court, may be influenced by:
Maryland applies the concept of equitable distribution to the division of marital property, which means assets are divided in a manner that seems fair from the judge’s objective perspective.
In many cases of high-value divorce, child support payments exceed state guidelines for standard child support because Maryland law gives family law judges wide discretion when ordering child support payments. Spousal and child support payment determinations may be influenced by factors such as assets, income, and property. The goal is for the payment to be fair and in an amount that the paying spouse can afford to make. Having a high-asset divorce lawyer on your side of the courtroom can optimize the potential for your case, whether you think you will be ordered to pay or assume you will be the recipient of support payments. The worst-case scenario is that the opposing legal team that is representing your spouse sways the judge to rule in favor of your spouse over you. Not having an aggressive lawyer protect your interests and rights in your high-asset divorce case can be a costly mistake.
Contrary to what many believe, having a separate bank account does not protect the assets within that account in a Maryland divorce. State equitable distribution laws require that all assets be included in marital property and divided according to the court’s discretion, which doesn’t always result in a 50/50 even split of marital assets, and this is especially true in a high-asset divorce case.
Yes, retirement accounts, including pensions, IRAs, 401ks, and other retirement assets, are considered marital property, and the division of these accounts is very likely in divorce. To avoid heavy penalties from early withdrawal, adjustments may be made via other property allowances of equal value to the retirement accounts that serve as a “swap” for those assets.
Maryland’s family use and personal property law defines family property as the family home, furniture, appliances, vehicles, etc. Maryland courts have exclusive authority to award the custodial parent of minor children exclusive use and possession of family property for up to three years following a divorce. This is to allow children to continue thriving in the same home environment.
Lawyers have high-tech tactics for the discovery of assets in a divorce case, and the methods used for discovery in regular divorce cases are also useful in identifying assets in a high-asset divorce. When it is learned that you attempted to hide assets, it can be detrimental to your case. This type of behavior all but guarantees a ruling that favors your spouse, and it could have legal consequences for you as well, including potential contempt of court or perjury implications.
Whether you are ready to move forward with your high-asset divorce proceedings or are just interested in exploring your options and the potential legal scenarios of your divorce, contact the Law Offices of Todd K. Mohink, PA, and speak with a family lawyer at our firm. We are confident we can provide you with the legal advice you need to make an informed decision regarding your family law case.
7310 Ritchie Highway, Suite 910
Glen Burnie, MD 21061
30 Corporate Center
10440 Little Patuxent Parkway,
Columbia, MD 21044