When spouses decide to divorce and one or both have contributed high-value assets to the marital property, how does it affect the divorce process? High-asset divorces are often complex when it comes to dividing the marital estate.
When you need a high-net-worth divorce lawyer, turn to our skilled team at Jimeno & Gray, PA. Based in Glen Burnie, MD, we have represented clients in high-asset divorces for over 20 years. Contact us for your high-net-worth divorce anywhere in Maryland.
What Makes a High-Net-Worth Divorce Different?
Because you and your spouse have more assets than many other divorcing couples, it’s more work for your divorce attorneys and the court to determine what assets and debts each spouse contributed to the marital property and what to maintain as separate property. A high-net-worth divorce is usually more expensive than a standard divorce for this reason.
The added work in a high-net-worth divorce also takes longer than dividing the assets in a smaller marital estate. Your divorce could take several months longer than your lower-income friends’ divorces. Additionally, if the court awards you or your spouse child support, the support payments could be much higher than in a lower-income divorce.
Assets in a High-Net-Worth Divorce Case
A high-net-worth divorce lawyer with our firm can help you understand your right to certain marital assets in your divorce, including:
- Pensions, 401(k)s, IRAs, and other retirement accounts
- Second homes and real estate investment properties
- A family business owned with your spouse or under your name
- Stocks and investments
- Collectibles, antiques, memorabilia, and art
You or your spouse could easily forget about hidden assets stored in a trust or offshore account. In some cases, a spouse with more assets or a higher income will try to hide assets from a lower-earning spouse. The court considers hiding assets to be fraud, and attempting to deceive your spouse about your assets could hurt your claims to some marital property.
Maryland is an equitable distribution state rather than a community property state. That means the court will divide property according to several factors to determine what is fair for each spouse unless you and your spouse have a prenuptial or postnuptial agreement.
Do You Have a Prenuptial or Postnuptial Agreement?
If you and your spouse have a valid and enforceable prenuptial or postnuptial agreement, the court will adhere to your agreement during property division. Maryland does not follow the Uniform Prenuptial Agreement Act that many states use. Instead, the state treats prenups and postnups the same as any other contract. A spouse may challenge the validity of a prenup or postnup under the terms of:
- Duress or coercion
- Undue influence
Schedule a Consultation with a High-Net-Worth Divorce Attorney in Maryland
At Jimeno & Gray, PA, we understand that divorce is a complex legal matter that requires experience, compassion, and knowledge of asset management. When you need a high-net-worth divorce lawyer in Maryland, contact our firm in Glen Burnie, MD. Call us at 443-232-9385 or contact us online to schedule a consultation.