Ellicott City High-Asset Divorce Lawyer

Ellicott City High-Asset Divorce Attorney

Any divorce already comes with complex issues and convoluted disputes that must be addressed. However, in a high-asset divorce, you may find that there are even more obstacles that arise as you try to legally end your marriage. This is because high-asset divorces involve valuable pieces of property that require meticulous care to distribute. If you’re looking to learn more about how a high-asset divorce in Ellicott City works, our firm is prepared to give you some insight.

High-Asset Divorce Assistance From Skilled Family Lawyers

Here at the Law Offices of Todd K. Mohink, PA, our firm uses the knowledge of multiple family lawyers to provide comprehensive, effective assistance for almost any domestic issue. While high-asset divorces may seem intimidating, our lawyers can work with you to ensure you receive the marital property that you’re entitled to. With decades of experience combined, our family attorneys have proficient negotiation, conflict resolution, and family law skills to aid you throughout your case. For qualified representation in a high-asset divorce, bring up your needs to the Law Offices of Todd K. Mohink, PA.

What Is a High-Asset Divorce?

A high-asset divorce is similar to a general absolute divorce in that it permanently ends a marriage. However, this kind of divorce is specifically characterized by the value of the marital assets involved. In Maryland, any divorce that involves financial assets with a liquid value of $1 million or more must go through a high-asset divorce. This is to ensure that all assets are properly identified, valued, and distributed equitably to each spouse. High-asset divorces may take longer to finalize than the average divorce because they require cautious, thorough care to protect the assets involved. Common assets involved in a high-asset divorce include:

• Joint bank accounts
• Stocks
• Investments
• Real estate properties
• Vehicles such as cars and boats
• Valuable art, jewelry, or furniture

Common Issues in a High-Asset Divorce

If you’re going through a high-asset divorce, you can expect obstacles to arise at some point within your case. This doesn’t mean that your getting divorced is impossible, nor does it mean that you should expect your divorce to go badly. It’s simply important to understand the potential problems that can occur in your divorce so that you can take the right steps to fight and fix them. Our lawyers have commonly experienced these issues while working through high-asset divorces:

1. One Spouse Attempts to Hide or Devalue Certain Assets
   Sometimes when a divorce is contentious, one spouse will use deceitful methods to try and gain the upper hand. This can occur in multiple ways, but one of the most common is when they attempt to devalue expensive assets. This is a tactic that may allow one spouse to receive more property and disrespect the fairness of equitable distribution. In some cases, a spouse may even try to hide certain assets they know are valuable to avoid having to split them. If you’re suspicious of your ex-spouse, do not delay discussing your situation with one of our lawyers.
2. High Alimony Payments
   A high-asset divorce can often come with incredibly high spousal support payments. Because spousal support is not mandatory in Maryland, one spouse has to specifically request it from the court during their divorce. If they can prove that there is a financial need present, you may end up having to pay large sums of alimony to them every month. Oppositely, if you had a high standard of living during your marriage and gave up your job so that your spouse could earn more, you may be eligible to receive large alimony payments.
3. High Child Support Payments
   Because child support is based on factors such as each parent’s income, a parent with a large income will most likely be required to make large child support payments. The exact amount a parent pays will depend on the custody arrangement, the income of each spouse, and more. If you think you are being required to pay too much child support or you believe you are not receiving enough, our high-asset divorce lawyers can help.

FAQs About Ellicott City, MD High-Asset Divorce Law

What Is Equitable Distribution?

Equitable distribution is a method of dividing property used during divorces. This process takes into consideration a variety of aspects to equitably divide the marital assets a couple has gathered. Because the court has the right to divide property how it believes is fair, some divorce cases may end up with fair but not “equal” splits. This simply means that property does not have to be divided 50/50 as long as it is fair.

What Is an Ultra-High-Asset Divorce in Maryland?

The term “ultra-high-asset divorce” is used to describe divorce cases that involve multi-million dollar assets. An ultra-high-asset divorce occurs when there is at least $30 million of liquid assets that need to be split. While it is rare, these ultra-high-net-worth individuals must make sure they retain an experienced lawyer to ensure their property is handled properly.

How Long Does a High-Asset Divorce Take?

Before a married couple can divorce in Maryland, they must first go through a 12-month period of separation. After they have been separated for a year, the official divorce process will begin and can take anywhere from one month to up to a year to finalize. High-asset divorces tend to take longer than other types of divorces because of the valuable nature of the assets involved.

When Is Spousal Support Required in Maryland?

Because spousal support is not automatic in Maryland, it is only required when the requesting spouse can prove that they need financial assistance for a state-approved reason. This could include that they are unemployed at the time of divorce, they have a medical condition or disability, or they need assistance with their living expenses.

Ellicott City High-Asset Divorce Attorneys

If you’re involved in a high-asset divorce, it’s crucial that you make sure you receive the property that you have earned. With practice in hundreds of divorce cases, our attorneys are proud to offer some of the highest quality divorce representation across Maryland. Contact the Law Offices of Todd K. Mohink, PA, today to request a consultation with our team and discuss your high-asset divorce.