High Net Worth Divorce in Maryland
While, legally speaking, the wealth of the parties does not affect how a judge will apply the law in a divorce proceeding in Maryland, the reality of the situation is that relative wealth of the parties can play a major role in the process.
High net worth divorce cases often present issues that are far more complicated than a divorce case where the parties do not have significant assets. The reason for this is because when dealing with larger amounts of money during the property division phase and alimony and child support determination, there are often many more economic consequences to consider.
For example, for high wealth parties getting a divorce, a significant number and value of assets might be transferred, and that can have major tax consequences. The best thing you can do to avoid this to the greatest extent the law will allow is to choose a Montgomery County divorce attorney who regularly handles cases involving high net worth parties. Since our firm is located in the heart of one of the wealthiest counties in the area, our lawyers have considerable experience handling high net worth divorces.
It is also helpful to work with a domestic relations law firm that has considerable experience in dealing with parties who own their own businesses or who are co-owners in an ongoing enterprise. The reason for this is because a divorce may result in one party claiming an interest in the other spouse’s business. The can be a major problem for some people, especially if the business has additional owners other than the parties in the troubled marriage. If the other party is awarded a share of the business as part of an equitable distribution, the business may have to be dissolved, and this may cause significant issues with the other owners of the business.
If you have an attorney who is familiar with handling these issues, especially in the context of high net worth divorce in Maryland, the chance of avoiding this situation is significantly increased. However, it must be noted that every situation is different, as the facts are never the same, and you should speak with your Howard county divorce attorney about how things will work in your particular case.
It also helpful to keep in mind that, just because you have heard bad stories from friends and neighbors or read about the horrors of celebrity divorce in the paper, where a spouse had to give away all of his or her money to the other spouse, this should not be how things work in most cases, and your experienced family law attorney should be able to guide you through the process as quickly and as painlessly as possible. It is also helpful to choose a law firm that has a team of lawyers and other professionals who can work together to get you the best possible result.
The family law attorneys at DiPietro & Wise, LLC have years of experience handling domestic relations cases in jurisdictions across Northern Virginia, Washington, DC and Maryland. Contact us to schedule a consultation.