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.
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.
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:
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:
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.
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.
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.
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.
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.
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Glen Burnie, MD 21061
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10440 Little Patuxent Parkway,
Columbia, MD 21044