Maryland law requires the equitable distribution of assets during a divorce, meaning you and your former spouse must divide financial assets, tangible property, and debts fairly. Understanding equitable distribution in Owings Mills high-asset divorces can make it easier for you to make decisions about how you want to manage your property. Working with an experienced high-asset divorce lawyer could help you to divide assets according to the law and terms of your divorce.
Equitable distribution, a 50/50 split of assets and property, does not mean that the distribution of property in an Owings Mills high-asset divorce has to be 100% equal. Rather, it focuses on just and reasonable distribution of assets, while not necessarily splitting property down the middle.
Equitable distribution considers all the assets that both spouses brought to a marriage during its duration. However, it also considers several other factors.
Equitable distribution in high-asset Owings Mills divorces may carefully consider both the current income of each spouse and their future earning potential. In many high-asset divorces, one spouse may have more earning potential than the other. The court may take this into account when awarding spousal support or determining what assets the spouse with a higher earning potential can take from the marriage.
While equitable distribution will examine what assets each spouse brought into the marriage, it will also evaluate the contributions each spouse made to the family and marriage throughout its duration. For example, the court will take account of one spouse staying home and caring for the house and children.
Navigating a high-asset divorce after a marriage that only lasted for a couple of years can look very different from navigating a divorce after a decades-long marriage. When a marriage has lasted for many years, the lower-earning spouse may have a reasonable expectation to be taken care of financially, and the court will consider this when distributing assets.
Non-marital assets are those that belong to one spouse individually and are not considered part of the divorce. These can include assets that the spouse held before the marriage or inheritances directed to one party only. While these assets are generally not considered part of the divorce settlement process, they can be used to help offset an unequal distribution of marital assets.
High-asset Owings Mills divorces can complicate the equal distribution process, as they may involve high-value items. Dividing real estate, intellectual property, or business interests can require legal expertise, making working with a lawyer essential.
Equitable distribution of assets can prove difficult after any divorce. Dealing with equitable distribution in Owings Mills high-asset divorces, however, can be even more complex. At Nguyen Roche Sutton, we understand the many challenges you may face while navigating the high-asset divorce process. We are here to help you protect your interests every step of the way, so contact us today to get the support you need.
