High Net Worth Divorce
Divorce Involving Significant Assets
While divorce is rarely straightforward, when a marriage involves higher net worth assets, the potential for complications — and conflict — is also heightened. In other words: The more couples have to fight about, the more they stand to lose.
If safeguarding your assets during a divorce is a priority for you, it’s a priority for us. At Z Family Law, we’re here to help our clients protect their wealth through strong advocacy and a strategic analysis model designed to weigh the costs and benefits of every possible approach. Our experienced team will relentlessly pursue your interests, minimizing legal fees whenever possible and helping you stay focused on the ultimate goal: a new beginning that’s financially secure.
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 in order to get divorced. Instead, they can name irreconcilable differences or file on the basis of a 6-month separation, or mutual consent.
With these changes, it’s become quicker and easier to get divorced in Maryland than ever before. 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.
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.
- Mutual Consent: Under grounds for mutual consent, couples must agree — in writing — on all divorce-related matters.
Factors in High Net Worth Divorce
In high net worth divorce matters, financial implications can extend far beyond the division of assets itself. When dealing with significant or complex assets, couples often encounter the following issues:
01
How the couple’s income and assets affect child support determinations.
02
How the couple’s income and division of assets during divorce may influence the decision to grant alimony and the amount awarded.
03
In-depth valuation of assets, including business interests.
04
In-depth valuation of assets, including business interests.
05
Concealment or loss of assets.
06
The impact taxes will have on the allocation of applicable assets.
07
How a prenuptial or postnuptial agreement might affect alimony and the distribution of marital assets.
08
How a court will treat exotic assets, including executive compensation plans, intellectual property, lottery winnings, trusts, and more.
09
How ownership can alter asset distribution.
Beyond these nuanced issues, couples with significant or complex assets will also face the standard property distribution concerns all divorces entail.
Proving Our Worth In High-Asset Divorce Cases
In the world of high net worth divorce, strategy matters more than ever before. That’s why our tenured team of attorneys champions a tactical approach to successfully resolve these types of complex cases and ensure your financial future is secure. With the knowledge that our clients’ financial interests are often best served outside of the courtroom, we will work to reach the best settlement for you rather than relying on a drawn-out, costly court battle that consumes your hard-earned time and resources. And when going to court is the answer, ZFL attorneys bring decades of experience litigating high net worth divorces, offering the competitive advantage our clients need to reach their goals.
Finding the Right High Net Worth Attorney for You
As you navigate this challenging time, a trusted legal team who can help you make rational, well-guided decisions is essential. After all, when it comes to writing your new happily ever after, the importance of finding strategic and compassionate counsel focused solely on family law cannot be understated. By combining our vast legal experience, our tenured team can design a tailored strategy to help you take back your power and build the new beginning you deserve.