What You Need to Know About High Net Worth Divorce in Maryland
July 28th, 2020
Divorce is notoriously complicated. It is not only a legal matter; it is also a financial and, most importantly, an emotional one. Unfortunately, if you or your spouse are high net worth individuals, you will have even more to worry about outside of standard divorce issues, such as child custody. A high net worth individual is someone who has $1 million or more in assets. If you are getting a divorce and either you or your spouse are high net worth individuals, you have a lot to consider, which is why you must continue reading and speak with our knowledgeable Maryland divorce attorney to learn more about high net divorces and how our firm can help you through one. Here are some of the questions you may have about the legal process ahead:
What assets may be affected in a high net worth divorce?
If you are entering a high net worth divorce, the first thing you should understand is that you most likely possess certain unique assets that will most likely fall into the equitable distribution process. For this very reason, you must hire an experienced Maryland divorce attorney who can help ensure you submit all your financial information correctly and in its entirety, for if you do not, you may be subjected to an investigation by the IRS, which will only complicate matters further. Just some of the assets that may be considered in a high net worth divorce are as follows:
- Oftentimes, 401k's, retirement accounts, and pensions are all considered marital property, which means they may be on the line.
- Additionally, many high net individuals own multiple properties together, such as vacation homes, and if you do, that property may also be up for equitable distribution.
- If you and your spouse share a business, or even if you run a business, that business may very well be subjected to asset distribution as well.
Is there a way to protect my assets from a high net worth divorce?
Fortunately, there is. For example, if you and your spouse jointly own a business, you may draft a shareholder agreement that essentially states both of your interests in the business in the event of a divorce. Additionally, if you are not yet married, you may draft a prenuptial agreement with your spouse that outlines what will happen with certain assets, should you ever get divorced. Finally, if you are already married, you may draft a postnuptial agreement with your spouse, which essentially serves the same purpose, though the document is exclusively drafted after marriage. If you have any additional questions, please do not hesitate to give our knowledgeable Maryland divorce attorney a call today. Our firm is always here to help.
Contact our experienced Maryland firm
Here at the Ruben Law Firm, we understand how much your legal situation means to you. That is why we pledge to provide you with the personalized attention you deserve, every step of the way. Our firm is more than happy to assist you through matters of personal injury law, bankruptcy, family law, criminal defense, and estate planning. Attorney Ruben has helped clients achieve favorable results in a wide array of legal matters for years, and he is ready to do the same for you. Simply contact the Ruben Law Firm today.