It is hard to be proactive about finances when the emotions surrounding divorce are still fresh. Individuals in Maryland who are in the process of a high asset divorce can be pursued by creditors for joint accounts incurred during the marriage even if is not their debt. Experts recommend obtaining three credit reports early to uncover any unknown liabilities that may surface.
These days, ending a marriage can be a costly experience, not only in Maryland but across the country. As if divorce wasn't stressful enough, the financial ramifications of a split can add even more stress to the experience. During a high asset divorce, dividing shared assets can be the subject of many disputes. The following tips may be helpful for those in this situation to better protect themselves financially.
Maryland married couples are certainly not immune to the many challenges and problems faced by other couples. When pursuing divorce, it's not uncommon to be concerned about one's future, how children will adapt and how finances will change. It's also natural to worry how well one will fare as a single person. A key factor to successfully overcoming the challenges of divorce lies in knowing what resources are available and where to turn for help when needed.
Maryland has its share of high-end divorces that require dividing property and allocating assets on a large-scale basis. Sometimes, the high asset divorce is a matter of public scrutiny due to intensive press coverage. Many such breakups, however, go essentially unreported due to the low-key nature of the wealth and personalities involved.
When a Maryland couple decides to divorce, part of that process involves determining the structure of their financial obligations to one another. That might include matters of child support, alimony or other ongoing payments from one party to the other. In some cases, payments may be tied to the care of a pet, which can lead to a great deal of contention down the road. An example is found in a couple who may be headed back to court to argue the details of their high asset divorce settlement.
When a wealthy couple decides to end their marriage, a great deal of focus goes into determining how to divide their accumulated assets. This is often a complicated matter, especially when a couple has many different sources of wealth. During a high asset divorce in Maryland, it is not uncommon for one or both spouses to wish to sell certain assets. Doing so, however, can complicate matters and should only be done under careful legal guidance.
For most Maryland couples who are preparing to wed, preparation of legal documents is not at the top of their lengthy to-do list. That said, there are reasons to attend to legal needs as the wedding approaches, not the least of which is to protect an inheritance from loss in the event that the marriage should end in divorce. A high asset divorce can become very complicated, very quickly. Having protections in place can make a world of difference if that potential outcome becomes a reality.
A great deal of media coverage has been focused on the divorce between actors Brad Pitt and Angelina Jolie. Most recently, the couple has agreed to have their divorce records sealed, meaning that the details of their high asset divorce will not be available to the public. It is easy to understand why one of the world's most famous and followed couples would want to have their records sealed, but many Maryland couples who do not live their lives under the same spotlight could also benefit from such a move.
For many Maryland couples, spending time together during the holidays is something less than joyful. When a marriage has been in trouble for some time, having to spend more time together in the weeks between Thanksgiving and New Years can highlight marital difficulties. That leads to a spike in high asset divorce cases in January.
Technological advancement is an amazing thing. For many Maryland residents, technology has led to substantial improvements in virtually all aspects of life. When it comes to high asset divorce, however, technology can make it difficult to reach a fair and favorable outcome. It is imperative that spouses understand how digital data is stored, and how it might be retrieved and resurrected within a divorce case.