Fait & DiLima is open for business and available to you by telephone, email, Zoom and other remote platforms for consultations, as well as emergencies.

Man sitting on plane.

When Millionaires Divorce: How High Asset Divorces Work

High Asset Divorce in Maryland

Getting a divorce when extreme wealth is involved is a complicated legal process that can take longer than usual to settle. Divorce can be emotionally draining and people who fall under the category of being wealthy should consider hiring an experienced legal team to do the brunt of the work for you.

Maryland is an equitable distribution state, meaning that your property won’t necessarily be divided equally between you and your spouse.

What is a High Asset Divorce?

A high asset divorce — also called a high net-worth divorce — is for couples who typically have $1 million or more in assets. These types of divorces are unique and typically require a knowledgeable divorce attorney with experience in taking cases that are considered high asset divorces.

If you and your spouse are both in this financial category, you have a little more to be concerned about when it comes to dividing your assets.

What are Some Assets That May Be Affected?

You probably have a lot of questions about how your assets are going to be affected during your divorce, especially if you have several financial accounts that you would want to keep sole access to during your divorce.

One of the first things you should consider doing after hiring an attorney is gathering all of your financial records. Your attorney can assist you with ensuring all of your financial information is correct and sent to the appropriate agencies, like the IRS — if needed, and to your spouse’s attorney.

Some of the assets that can be affected by a high asset divorce are:

  • Retirement accounts and pensions.

  • 401k accounts.

  • Family businesses.

  • The family home and vacation homes.

  • Cars, boats, private planes, etc.

All of the property you own and acquired during the marriage is considered marital property under equitable distribution. A high asset divorce attorney can help you categorize your assets and determine what should be negotiated to keep during your divorce.

Protect Valuable Assets With Help From a High Asset Divorce Attorney

If you’re researching how to peacefully and successfully negotiate your high-worth assets, our attorneys atFait & DiLima, LLP are available to assist you by answering questions and starting the divorce process on your behalf. We are dedicated to helping our clients solve complicated issues within a divorce.

Contact us today at (301) 888-6384 to schedule an appointment and start the divorce process.