High Net Worth Divorce Attorney
Navigating High Net Worth Divorce
Navigating a high-net-worth divorce case in Maryland entails unique challenges and concerns, especially when it involves significant assets such as real estate holdings, stock options, and retirement accounts. The stakes rise exponentially when divorcing spouses have to deal with intricate property division, especially in a state that applies an equitable division principle, which is why hiring a qualified divorce attorney who has experience in this type of divorce is essential. Here's what you need to know.
Divorce Involving Significant Assets
Divorce complications intensify when there are substantial assets in play. At Z Family Law, our dedication is crystal clear: We prioritize safeguarding your wealth through mediation, negotiation, settlement, and/or litigation. Our seasoned team approaches every high-asset divorce with a strategic analysis model to protect your financial interests, striving to assure you a financially secure new chapter.
Changes to Maryland Divorce Law
With the recent passage of SB 0036, Maryland has joined 39 other US states in adopting a “no fault” divorce policy. Previously, the law required couples filing for divorce to do so on the basis of a 12-month separation; mutual consent (where couples must agree in writing on all divorce-related matters); or another specific divorce “ground”. In the past, most of these grounds were fault-based, meaning that they placed blame for the breakdown of the marriage solely on one party — typically for reasons such as adultery, abuse, desertion, or insanity. Under the new law, however, couples no longer need to cite fault-based grounds to get divorced. Instead, they can name irreconcilable differences, file based on a 6-month separation, or by citing mutual consent.
With these changes, it’s become quicker and easier than ever before to get divorced in Maryland. How? By simplifying the process and removing barriers that sometimes keep individuals trapped in unhappy, toxic, or even abusive circumstances. The removal of certain fault-based grounds may also help minimize conflict between separating spouses and reduce the social stigma around divorce, by recognizing that the breakdown of a marriage is not always the burden of one party alone. In addition, the new process allows couples and families to protect their privacy and keep their personal business out of court in many cases.
Despite these revisions, fault-based factors will still play a role in Maryland divorces. Things like adultery, abuse, and insanity continue to have the power to impact critical matters — from the division of assets to custody arrangements, alimony, and child support.
Click here for more information on SB 0036 and what it could mean for you.
Grounds for Divorce
When filing for divorce, you'll need to name one of the following circumstances:
- Irreconcilable Differences: Couples file under these grounds when they feel they cannot resolve their differences enough to reunite or coexist within the marriage.
- Six-Month Separation: While couples previously had to cite a full 12-month separation as grounds for divorce, Maryland law now allows you to file on the basis of a 6-month separation instead, and couples no longer need to reside in separate homes, but can instead be considered separated if they are living under the same roof, but “conducting separate lives”
- Mutual Consent: Under grounds for mutual consent, couples must agree — in writing — on all divorce-related matters, including division of assets, support, and child custody.
Factors in High Net Worth Divorce
In the realm of high-asset divorces, the stakes rise significantly as couples confront a maze of intricate financial concerns. Among these are:
01
The impact of the couple’s income and assets on child support and spousal maintenance determinations.
02
The influence of income and property division during the divorce process on decisions related to spousal support and the amount to be granted.
03
Detailed appraisal and valuation of substantial assets, ranging from business interests to real estate holdings, and even valuable personal belongings such as antiques, luxury vehicles, or art collections.
04
Challenges like concealment or loss of assets and the implications of tax consequences on the division of these assets.
05
The weight given to prenuptial or postnuptial agreements in the division of marital property.
06
Court considerations for unique assets such as executive compensation plans, intellectual property, trust funds, lottery winnings, and more.
07
Determining how ownership structures can impact the distribution of marital estate and separate property.
Beyond these specialized challenges, high-net-worth individuals also grapple with standard property division concerns typical in any divorce case.
Proving Our Worth in High-Asset Divorce Cases
In the intricate landscape of high-net-worth cases of divorce, a well-devised strategy is paramount. At our law firm, our seasoned attorneys employ a meticulous approach, ensuring your finances and future remain safeguarded. Recognizing that negotiated settlements outside of the courtroom often serve our client's best interests, we prioritize effective negotiation over protracted, expensive litigation. However, when court proceedings are necessary, our experienced team, backed by a legacy of litigating high-value divorce cases, offers the competitive edge needed to achieve favorable outcomes.
Finding the Right High Net Worth Attorney for You
During the tumultuous times of navigating a high-net-worth divorce, securing an adept and compassionate family law attorney becomes pivotal. It's not just about ending a chapter but also charting the course for your next one. At Z Family Law, our unparalleled legal prowess coupled with a deep understanding of the unique challenges faced by high-income earners, empowers you to regain control and herald a fresh start.
If you or your spouse are embarking on this complex divorce journey and looking for a divorce attorney for any type of divorce, remember that the first step is pivotal. Let our experienced team at Z Family Law be your guiding light. Reach out to us for a strategic, client-focused approach. Our qualified family law attorneys are here to assist.