Any type of divorce can be a complicated affair, but a high asset divorce can be especially challenging. High asset divorces are different from the average divorce. Typically, multiple types of assets are involved, and each one can involve hundreds of thousands or even millions of dollars.
Handling this type of divorce is not easy. For best results, get advice from an expert early on in the process. You need an attorney who has experience dealing with cases worth millions of dollars. Ideally, the lawyer you choose should have access to various experts, particularly those in the tax, finance and estate planning fields so you can finalize your divorce with ease.
High asset divorces can involve businesses, stocks, real estate, deferred compensation, retirement plans, trusts, tax benefits and other complicated benefits. If your divorce involves these elements, here are some tips to reduce the stress you’ll no doubt face as you end your marriage.
When it comes to divorce, taking the high road is always the better route. Ignore feelings of revenge and anger and focus on trust. By splitting in an amicable manner and maintaining trust, you can make the process much easier. Divorce will be difficult enough with so many valuable assets involved, so maintain a positive attitude and you can avoid added stress.
This is important because it is likely that not all assets were acquired during the marriage. Assets that you acquired before you got married, as well as inheritances, are not subject to division in a divorce. However, you will need to prove when you acquired these assets, so be prepared with pertinent documentation.
Even though you were the one with the business or the one who made the most money, don’t assume that you’ll end up with most of the assets. Maryland is an equitable distribution state, which means assets are to be divided fairly. Unless you have a prenuptial agreement in place, be prepared to give up some assets.
Understand the value of your assets. Keep in mind that $500,000 in a savings account is different from a $500,000 home or $500,000 in a retirement plan. The home may gain more value than either of these assets, so consider that as you come to a settlement.
Some assets, such as IRAs and 401(k)s, are hard to split without incurring taxes and fees. Therefore, they should not be split. Consider what assets can be divided without too much stress.
High asset divorces can be complicated, as there are often many assets involved. Make sure you avoid any costly mistakes.
It’s important to have a lawyer on your side who has experience dealing with high asset divorces. Get the help you need from a Columbia high asset divorce attorney at the Law Offices of Todd K. Mohink, P.A. To schedule a free consultation, call (410) 774-5987 or fill out the online form. We have two offices to serve you.
7310 Ritchie Highway, Suite 910
Glen Burnie, MD 21061
30 Corporate Center
10440 Little Patuxent Parkway,
Columbia, MD 21044