High Net Worth Divorce
Complexities abound when you are going through a divorce. The process is complicated, and so are the emotions you are experiencing. Financial matters, especially in a high net worth divorce, serve to make the situation even more complex. A high net worth divorce involves $1 million or more in assets. These divorces beg the help of a seasoned high net worth Maryland divorce attorney. Without experienced legal counsel, you could unfairly lose many of your assets in your divorce. Here our divorce attorneys answer some of your pressing questions about high net worth divorces.
What Specific Assets Might be Impacted in a High Net Worth Divorce?
In a high net worth divorce, the equitable distribution process required by Maryland divorce laws will apply to your unique, high-value assets. Because these assets are more than just your everyday checking account, vehicle, or a relative's small inheritance, it's imperative that you have the assistance of a well-qualified Maryland high asset divorce attorney. They can help ensure that all of your financial documentation and information is in order and submitted correctly. If it's not, your divorce and other areas of your life are likely to become even more complicated. High net worth assets in a divorce that could be marital property and subject to equitable distribution might include:
- 401ks, other retirement accounts, and pensions (considered marital property)
- Vacation homes or multiple real estate properties
- A shared business with your spouse or one that you run on your own
- Art, collectibles, and antiques
- Stock options and restricted stock units
How Can I Protect My Assets in a High Net Worth Divorce?
You might be relieved to know that there are steps you can take to protect your assets in a high net worth divorce. For example, suppose you co-own a business with your spouse. In that case, you could sign a shareholder agreement that details both parties' interests in the business during the divorce. Negotiating with your spouse can be another way to keep the assets you want if you are willing to let some go that your spouse might want.
You can also begin protecting your assets before you get married with a prenuptial agreement. You and your spouse-to-be can draft a document stating how specific assets will be dealt with if your marriage ever ends in divorce.
If you're already married with no impending divorce, you can also consider drafting a post-nuptial agreement. This legal document is similar to a prenuptial agreement—the only difference is that it is prepared after the marriage has already occurred.
Contact a Maryland High Net Worth Divorce Attorney Today
If you and your spouse have assets exceeding $1 million and are considering or pursuing a divorce, it's time to contact a Maryland high net worth divorce attorney. Having an experienced lawyer on your side during this difficult time will help protect your assets and can potentially save you money in the long run. Call the Law Offices of Tina Sharma today at 202-839-9625 or use our online contact form to learn more.