Edgewater Divorce Lawyers

Divorce Attorney Handling High Asset Cases in Edgewater, MD

Married couples who choose to get a divorce will need to make multiple types of legal decisions that can have long-term effects on their finances and other aspects of their lives. For couples who own significant assets and have a high net worth, the issues addressed during a divorce can be especially complex. A couple's home, other properties they own, a business that has been built over years of effort, retirement savings, and other assets may need to divided, and many other types of decisions will need to be made as well.

At Silverman Thompson, our team works with clients to help them handle divorce-related issues correctly. With our knowledge of family law, our experience handling complex assets and other financial factors, and our ability to represent clients successfully during ligitation, we can help ensure that our clients' interests are protected during the divorce process.

High Asset Divorce

When a couple has significant wealth, the financial concerns that may need to be addressed in their divorce will extend well beyond the division of household property. Decisions may need to be made about real estate portfolios, business interests, and retirement assets, as well as other financial factors. Our attorneys have the experience needed to navigate a high asset divorce successfully. We can help our clients address issues related to:

Division of Real Estate Properties

A couple going through aDivorce Attorney Handling High Asset Cases in Edgewater, MDDivorce Attorney Handling High Asset Cases in Edgewater, MD divorce may own their primary residence, investment or rental properties, vacation homes, commercial real estate, or undeveloped land. All of these properties will need to be addressed during the property division process. Appraisals will usually need to be performed to establish a property's fair market value. A couple may then determine whether one spouse will assume sole ownership of a property, whether a property may be sold, or whether they may be able to continue co-owning a property.

When a property is sold, the spouses may divide the proceeds along with other marital assets. If one spouse wants to retain ownership of their home or another property, they may negotiate a buyout of the other spouse's share of the equity. For certain types of properties, such as investment properties that generate an ongoing income, continued co-ownership may be an option, although it will be important to put an agreement in place that addresses issues related to decision-making, expense sharing, and the conditions under which either party can initiate a sale.

Valuation and Division of Business Assets

When one or both spouses own interests in a business, they will need to determine the value of the business and make decisions about how ownership will be handled going forward. A professional business valuation will usually be required, which will determine the current monetary value of the business and the continued value that it will provide to the owner.

Financial professionals may use different methods to determine what a business is worth. The income approach to business valuation may look at the earnings and profits that a company is expected to generate in the future based on its current cash flow and its potential for growth. A market approach may estimate the value of a business based on comparable businesses that have been sold in recent years. An asset approach may determine the fair market value of a business by considering its assets and liabilities.

Once a business's value is established, the parties will need to determine what to do with it. In many cases, one spouse will want to be the sole owner of their business, and they may negotiate a buyout of the other spouse's share of the business, either through cash or by offsetting the value of the business with other marital assets. A business may be sold if neither party will be able to assume sole ownership, and the couple may divide the profits earned from the sale. Ongoing co-ownership of a business may be appropriate in some cases, although it will require a couple to establish a workable operating agreement that will allow them to work together as business partners.

Spousal Support

In marriages where one spouse has earned the majority of the income used to support the family, or in cases where a spouse has made career sacrifices in order to focus on homemaking responsibilities, spousal support may be a factor in a divorce. Spousal support is also known as alimony, and it can help ensure that a person who earns less income than their spouse will be able to address their ongoing financial needs.

When determining whether alimony should be awarded, a court may look at a person's ability to cover their own living expenses. A spouse who left the workforce to raise children and has been out of the job market for years may not be able to find a job that would provide enough income to meet their needs. They may need time to pursue education or receive training that would eventually allow them to become self-supporting. Alimony can help ensure that they will have enough financial resources during this time.

A couple's standard of living during their marriage may also be considered. Typically, courts will try to ensure that both parties will be able to continue living at the standards they enjoyed while they were married. If this would not be possible for one spouse due to a lower income or a financial reliance on the other spouse during their marriage, alimony may be appropriate.

Contact Our Edgewater, Maryland Divorce Attorneys

In addition to addressing financial concerns during a divorce, the attorneys at Silverman Thompson can work with parents to put workable parenting plans in place that detail how matters related to child custody and visitation will be handled. We can also help establish child support orders that are based on the incomes earned by both parents.

To learn more about how our family law team can assist with the divorce process, contact an Edgwater divorce lawyer at 410-385-2225. Set up your consultation today to make sure you will have a strong legal advocate on your side during your case.