Rockville High-Asset Divorce Lawyer
When divorcing, there are many factors to consider such as how to divide your properties and assets. In the case of high-asset divorces, which involve individuals with a net worth of around one million dollars or more, the division of property is complicated and technical.
Couples who accrued significant wealth in their marriage can have property holdings, businesses, and various accounts that they now need to divide equitably. Hiring a Rockville high-asset divorce lawyer means having a strong legal advocate on your side. Ending a marriage is not simple, but with an experienced divorce attorney working to protect your interests, you can take some of the anxiety off your shoulders.
What Courts Divide in High-Asset Divorces
Maryland family law deems certain items acquired during a marriage as marital property. Courts generally do not prioritize in favor of the individual who earned or paid for the items, property, or investments. Property that the parties need to divide includes but are not limited to; real estate, stocks, pensions, funds in bank accounts, retirement accounts, and any personal items such as vehicles, artwork, or furniture.
The equitable distribution of these properties will not mean that courts will divide the assets equally. Appraisals for the value of various items or holdings can vary and create controversy when deciding who will keep what assets. Each party might have certain items that are most important to them individually, regardless of the estimated monetary value.
Speaking to an experienced Rockville high-asset divorce attorney can help people understand how they might reach an agreement that protects the property that concerns them most. For instance, one party may be primarily concerned with maintaining the family home.
What Courts Consider When Dividing Assets
Sometimes one party is a high-earning individual, and the other earns significantly less or stayed home to raise children and care for the family home. When dividing assets, the court looks at the contributions to the marriage, regardless of whether those contributions are financial or for the family’s well-being. Deciding who takes what is a complicated process that will factor in each spouse’s mental and physical health, earning power, the length of the marriage, and contributions made toward acquiring certain assets.
Courts have discretion in property division because each case is unique. If the court believes that there are considerations that should impact property division, they will take into account those factors.
Since the courts have discretion in dividing assets, and because the process is so complicated, it is difficult to predict the outcome of a divorce. However, the many potential factors to consider also mean that the attorneys litigating or negotiating the division of property can develop compelling arguments on behalf of their clients’ interests.
Non-Marital Property in Rockville Divorce Cases
When people enter marriage in Maryland, they sometimes already have property and assets. The law views property owned by people before marriage as individually owned by the party and not jointly owned by the couple.
If one of the partners owned a house, and then the other spouse moved into the home, the home still likely belongs to the spouse who purchased that real estate. However, if the parties added the other spouse to the title and paid the mortgage using marital assets, the house could become marital property.
Inheritance and gifts that a party receives during that marriage are not marital property either. The giftee or inheritor alone owns property unless they mingle it with marital assets. Decisions regarding property division can become complex and heated, so it is important for divorcing individuals to find an experienced Rockville attorney.
Get in Touch With a Rockville High-Asset Divorce Attorney
If you are going through a divorce and want to protect your wealth and assets, it is vital that you connect with a Rockville high-asset divorce lawyer. Property division is one of several important factors in a divorce, and the parties must also resolve possible spousal support, parenting schedules, and child support. Divorces are stressful, but having someone protecting you and your interest can help. Call today to get started on your case.
