Protecting assets in a high net worth divorce in Maryland
When dealing with a high net worth divorce in Howard County, there are numerous steps to take when trying to protect one’s assets. A Howard County divorce lawyer has experience with a high net worth divorce and the divorce laws in Maryland relating to the legal case.
A man who was in the midst of a difficult high net worth divorce was concerned about how the case was proceeding. With almost $150 million in assets, there was a lot to be worried about if the case didn’t go his way. With three children from a prior marriage as well as grandchildren, he was seeking to protect his portfolio for their future. The couple wasn’t living together at the time they were divorcing but had yet to legally separate. The man worried that, in the high net worth divorce, his wife was going to make substantial financial demands on him. Certain strategies, such as a collapsing bridge trust, are designed to give the holder of the assets an option of collapsing a limited liability company owned by an offshore trust and prevent it from being taken by the spouse in a divorce. A Maryland divorce lawyer will be familiar with these types of strategies.
There are numerous aspects to a divorce that a Maryland divorce lawyer can help a client navigate. The divorce laws in Maryland are such that there can many legal issues such as a separation agreement, spousal support, child support, visitation rules and living arrangements for the children. With a high net worth divorce, the finances are certain to come into play.
A Maryland divorce lawyer is well-acquainted with all areas of divorce. As in the case detailed above, a person who has financial concerns as a marriage is ending can take steps to ensure that the most valuable assets will be protected.
Source: Wall Street Journal, “Protecting Assets in a Messy Divorce,” V.L. Hartmann, Oct. 2, 2013