High-asset divorces in Maryland can present a range of complex issues that require careful consideration between the former life partners. These divorces involve couples who have significant assets, investments and business interests, potentially making the negotiation process more contentious than in a typical divorce.
Valuation of the couple’s assets
In a high-asset divorce, it is important to accurately value all of the assets and property owned by the couple. This can include real estate, investments, businesses, intellectual property, art and other assets. Valuation is critical for arriving at a fair distribution of property and assets between the spouses.
Determining spousal support
In a high-asset divorce, spouses may have become accustomed to a certain standard of living during the marriage and may require ongoing financial support to maintain that lifestyle. Determining the appropriate amount and duration of spousal support can be an issue that the couple resolves without third-party involvement or it can be left up to a court if an arrangement cannot be met.
Division of business interests
In many high-asset divorces, one or both spouses may own a business or have significant business interests. The division of business assets can require extensive deliberation, as the business may be a source of income and wealth for both spouses. Additionally, a business may have significant value beyond its financial assets, such as goodwill or intellectual property.
Couples may have to deal with capital gains taxes or other tax liabilities resulting from the sale of assets. Understanding tax law can help divorcing spouses minimize financial loss.
In some high-asset divorces, one or both spouses may be concerned about protecting their assets. This may involve creating prenuptial or postnuptial agreements or transferring assets to trusts or other legal structures.
Navigating a high-asset divorce
High-asset divorces often bring issues into the couple’s life that can be stressful due to the separation’s implications on their accumulated wealth. Couples should strive to keep an open channel of communication and be willing to compromise fairly in order to avoid escalation and negative emotions. If a smooth transition to post-marriage life cannot be achieved, protecting their interests should be a top priority for the ex-spouses.