Towson High Asset Divorce Lawyers
Handling Various High Asset Divorces
Long after the emotional pain of a divorce subsides, the financial pain can linger. Spouses stand to lose everything – from their homes to their retirement savings to a significant portion of their salary, potentially for years to come. When the combined assets of an estranged couple are extensive, the importance of retaining qualified, competent legal representation is paramount. Towson high asset divorce lawyers at Huesman, Jones & Miles provide such counsel. We understand the unique challenges posed by a high asset divorce and fight aggressively to protect our clients’ wealth.
Valuation Experts, Forensic Accountants, Appraisers All Matter in High Asset Divorce
The division of assets can be a complicated process in even the most straightforward of divorces, but in a high asset divorce, the stakes are raised. A valuation expert can prove beneficial when a closely held business is owned by one or both parties and no preexisting shareholder agreement clarifies how ownership of the business is to be divided in the event of a divorce. Maryland, like most states, employs a fair market value rule whereby a closely held business is assessed a value, which corresponds with the worth of the business if it was to be sold in an open market.
Towson high asset divorce lawyers have formed solid relationships with business valuation experts who will help determine not only the current value of a company, but also its value into the future. Once a fair market value has been assigned, an owner spouse must purchase the equity interest of a non-owner spouse through the process of equitable distribution.
Experts can address more than just closely held businesses, however. A forensic accountant can assign a value to other financial assets which have not yet matured into a defined value, such as stock options and deferred compensation plans. Moreover, couples who co-own intellectual property, such as a patented invention or a copyrighted song, should have their work valued by an objective, experienced third party. Life insurance policies – which can be worth millions of dollars – must also be assessed.
Although the aforementioned financial assets are often among the most valuable assets in a divorce, couples of means should not discount the importance of protecting their tangible assets. A high asset divorce will often involve the equitable distribution of numerous residences in exotic locales, luxury yachts or classic cars. It is also common for a high asset divorce to involve disputes over ownership of jewelry, artwork, antiques and other expensive goods given as gifts during the course of a marriage. Our Towson high asset divorce lawyers work closely with professional appraisers who are best positioned to determine the worth of such valuables.
The Importance of Establishing Standard of Living in a High Asset Divorce
Even after assets are equitably distributed, the work of a high asset divorce lawyer is far from finished. Unless both spouses are financially secure, it is likely that the question of spousal support will be hotly contested. A judge must make alimony determinations based on the standard of living both parties both parties have become accustomed to, the income history of a supporting spouse and the ability of a supported spouse to contribute to his or her own independence.
The financial ramifications of divorce can be every bit as devastating and long-lasting as the emotional effects. Depending on the unique circumstances surrounding a failed marriage or the desire of both parties to move on, one spouse may be tempted to be exceedingly generous during the distribution of assets, but this would be a mistake. Once assets have been distributed, the issue cannot be revisited.
Towson High Asset Lawyers of Huesman, Jones & Miles, LLC Represent Divorcing Couples of Means
Whether amicable or acrimonious, a divorcing couple of means should always retain counsel before attempting to divide their assets. Towson high asset divorce lawyers of Huesman, Jones & Miles, LLC will fight to protect what is rightfully yours. Our longstanding relationships with a variety of highly qualified valuation experts, appraisers and forensic accountants will bolster your case. If you are contemplating a high asset divorce, contact us online or call 443-589-0150 today. We represent clients throughout Baltimore County, Carroll County, Harford County and Howard County, including the communities of Baltimore, Towson, Essex, Columbia and Bel Air.