Knowledgeable Counsel Through High-Asset Divorce
Last updated on July 17, 2024
Couples who have been together a long time, as well as couples with high incomes, may have substantial assets to divide when they choose to divorce. The Maryland attorneys at Wampler & Souder, LLC, are experienced in cases involving substantial assets, working diligently to ensure our clients are treated fairly and appropriately throughout the divorce process.
Aside from substantial retirement accounts, couples who have accumulated a high net worth may have such assets as:
- Multiple real estate holdings, including vacation homes
- Business interests, stock options and other employment perks
- Valuable collections such as artwork, coins or precious metals
In addition, significant alimony amounts might come into play. This could have an effect for several years on both the party required to pay alimony and the party entitled to receive it. It is crucial to come to an acceptable arrangement if possible, because altering it down the road can be difficult.
Common Assets In High-Asset Divorce
Most assets obtained during a marriage are part of the marital estate. If the estate consists of more than $1 million in assets, a divorce is considered to have a high net worth which is subject to equitable distribution. A high net worth estate can complicate the divorce process since it can take a long time to discover, assess and value every asset.
A high net worth estate may include the following assets:
- Real estate: Family home, land, timeshares, rentals and vacation homes
- Business assets: Ownership, profits, stocks, debts, assets, property, trusts and partnerships
- Investments: Stocks, bonds, life insurance, retirement account, 401(k) and health insurance
- Valuable collections: Art, vintage vehicles, antiques, precious metals and electronics
In addition, determining what each spouse will receive through equitable distribution may take time before the distribution is seen as fair. A few factors that a court may consider when deciding a fair distribution of assets in a high-asset divorce include:
- Duration of the marriage
- Value of the marital estate
- Contribution to the marital estate
- Income and earning capacities
- Economic circumstances
A high-asset divorce attorney can help negotiate a fair distribution of assets. We can help ensure no assets are hidden during a high-asset divorce and that all relevant financial documentation is correctly revealed.
In addition, it is not unusual for a high-asset divorce to involve either a prenuptial or postnuptial agreement. While these may drastically speed up the divorce process, they are sometimes contested. Our high-asset divorce attorneys can review your prenuptial or postnuptial agreement with an eye toward validity and enforceability.
A high-asset divorce can also change how alimony and child support are addressed, which could lead to a spouse making higher payments to the other. In some cases, the standard of living established during the marriage can be an important factor in both these calculations.
Get In Touch To Discuss Your Options
You owe it to yourself to be on a solid legal footing before filing for divorce so you know what to expect in your case and with the complex asset division ahead of you. Our lawyers have worked on behalf of many wealthy clients in Maryland, Virginia and Washington, D.C., to help them preserve their wealth during and after a divorce, and we can do the same for you.
Call our law firm today at 301-732-7675 or email us your contact information to get started today. We are located in Frederick, Silver Spring and Upper Marlboro.