One of the first steps people in Maryland who are going through a high-asset divorce may want to take is assembling a legal and financial team. They may also want to consider whether they want to pursue litigation. Litigation is not inevitable even if there is a lot of conflict, and some couples may be able to resolve discord and reach an agreement through mediation or collaborative divorce.
It is important to prioritize professional and personal ties during the divorce. This means keeping the divorce out of the workplace and working to minimize its effect on children.
People should also think about which elements of the divorce they are willing to compromise on and those they are not. At their roots, marriage and divorce are business and legal transactions despite the emotions involved. Some couples may have pre- or postnuptial agreements, but these may not help if the assets were acquired after the marriage. This may be the case in the divorce of Amazon founder Jeff Bezos from his wife, who may have to divide the company stock. Company CEOs may need to take steps to ensure that their performance is unaffected by the divorce. People should also be prepared to agree to a divorce settlement that is acceptable even if it is not perfect.
High-asset couples may have a number of concerns when it comes to property division during divorce. There could be complications involved in dividing a business. For example, if there is no agreement in place between business partners about what to do if they get a divorce, an ex-spouse could partly own the company after the divorce. If a couple has to sell certain assets and divide the proceeds, there might be significant taxes on the sale. Other complications may arise if one spouse tries to hide assets in shell companies or by other means.