Frederick Maryland Legal Blog

4 places spouses hide assets before a divorce

Even though some spouses stay married forever, many marriages end in divorce. While the divorce rate has dropped in recent years, marriages end every day. If you are thinking about divorcing your spouse or suspect your partner has the same idea, you must think about receiving your fair share of marital property. 

Unfortunately, getting your due may be more difficult than you think. That is, your spouse may hide assets. Put simply, if you do not know wealth exists, you probably cannot pursue an ownership interest in it. While keeping track of finances is an effective strategy, spouses occasionally hide assets. Here are four places your spouse may stow wealth until after your divorce: 

Do you need a forensic accountant on your divorce team?

When you have considerable assets, you have a lot to lose in a divorce, and in some cases, Maryland residents who were in high-asset marriages take extra steps to make sure they get everything owed to them amidst the split. Increasingly, one or both parties navigating their way through a divorce are hiring forensic accountants, which are essentially accounting professionals that have special additional skills, to help make fair and equitable asset division a reality.

Just what types of matters might a forensic accountant be able to assist you with as you work your way through a divorce?

Parking lot collisions are serious

Nearly everyone has had a close call in an open parking lot or a garage structure; some people have even bumped another vehicle. It may seem like just a fender-bender, but parking lot accidents can often be serious.

It is normal to relax a bit after turning off a busy road into a comparatively quiet parking lot. A driver can underestimate the dangers inherent in parking. One reason for accidents is the distraction of looking for an open space while also watching for pedestrians and other vehicles cruising around to find an opening and those backing out to leave.

3 medical mistakes to avoid after a car wreck

As you have probably noticed, Maryland’s roadways are busier than ever. Even with careful driving, you may eventually have a collision with another driver. What you do in the minutes, hours, days and weeks after a wreck may have a tremendous effect on your recovery. 

The average number of fatal car accidents over a five-year period in Maryland is 466. You have a significantly greater chance of sustaining an injury on the road, however. In fact, in 2017, 34,518 individuals suffered some type of injury in a car accident in the Old Line State. If you have an injury after a car crash, what you do matters. Here are three medical mistakes you should avoid: 

What to do when the other driver's insurance agency calls you

Traffic collisions are rarely easy to figure out. This is especially true when more than two vehicles are in play, such as what happened on I-70 on Jan. 25. Police investigated the incident and found the cause was most likely a construction crew repairing potholes on the scene. 

It is vital to file a police report and see a doctor immediately after a car accident. You also want to get in touch with your auto insurance company within 24 hours of the incident. You want to stick to the facts during this conversation. You do not want to give your provider any excuse to deny your coverage. While you recover, you may also receive a phone call from the other driver's insurance agency. You need to be extremely careful about how you proceed. 

How to talk to your insurance company after a car crash

After a car accident, you need to get in touch with your auto insurance provider within 24 hours. Car crashes are dangerous, and you do not want to assume your insurance company will pay for all expenses that arise. 

During your phone call, be careful of what you say. Insurance companies look for any reason to deny claims or pay less. Here are some things you should and should not say during this conversation. 

Becoming acquainted with divorce laws in Maryland

If you and your spouse are Maryland residents planning to divorce, you probably want to know everything you can about current divorce laws. You may think the year-long waiting period is still in force, but that is not entirely accurate. New laws have brought changes to the divorce procedure in our state.

Resolving the wait time

Tips when preparing for a high-asset divorce

While all divorces are potentially difficult and complex, couples with a high net worth have particular considerations they must address. Financial decisions are often the source of intense conflict among divorcing couples, and when there are significant assets at stake, these conflicts can quickly escalate.

Not all high-asset divorces have to be conflictual, however. There are several steps you can take to help your divorce move in a direction that strives for shared solutions and a secure financial future.

Photos you take after a car crash often prove helpful

If you are the victim of a car crash, even a minor rear-end collision, the first thing to do is to check yourself and your passengers for injuries. The next steps involve documenting the incident, if you are well enough to do so. You will want to collect information, and your cellphone camera will be quite helpful at this time.

Call the authorities

How to protect digital assets in a divorce

There are numerous assets to divide in a divorce, such as the house and various antiques the couple may have purchased together. However, many people these days have valuable assets located digitally. Photos stored on a computer may have high sentimental value, and the law needs to catch up to ensure these assets are safe during divorce proceedings

One recent court case in Maryland saw precisely this where a husband agreed to return all of the wife's computer files. However, he did not return everything, and the wife had to take him back to court to get what was hers. You need to be proactive regarding all of your digital assets, including social media profiles, music files and pictures, so you can retain them after a divorce. 

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