Although Maryland law requires the equitable division of assets in a divorce, several complications can arise when dividing property. Especially in high-asset divorce cases, more significant assets can create issues in fairly dividing property. Real estate complications during an Owings Mills divorce can delay the process or prevent you from getting what you deserve. By working with a knowledgeable high-asset divorce lawyer, you can feel more confident about the outcome of your case.
Valuation disputes are one of the most common real estate complications that emerge during divorces in Owings Mills. When two spouses cannot agree on the approximate value of the properties included in their divorce, contention can build around which spouse gets what property.
Some spouses, especially if they suspect a divorce is coming, will attempt to hide assets from the other. While these hidden assets often involve bank accounts or investments, they can also be real properties, including rental or commercial properties.
Working with an Owings Mills lawyer could prove essential in identifying hidden assets, including real estate. A skilled lawyer could do a property search and determine what assets are listed in each spouse’s name.
In addition to outright hiding them, some spouses may attempt to deliberately undervalue specific assets to conceal their worth. This may include fraudulent appraisals of property as well as outright lies about the value of certain property.
There are several tax implications that both spouses may need to consider when attempting to divide assets equitably in a divorce.
In many cases, divorcing spouses will decide to sell one or more pieces of real estate to create a fair and equitable distribution of all assets. One property may be worth substantially more than another, and in other cases, the spouses may own one high-value piece of real estate that is not balanced by other assets. Selling real estate to divide assets, however, often triggers capital gains taxes. Depending on the value of a property and how much it has appreciated since purchase, this tax can be significant.
In addition to the capital gains tax triggered by selling property during a divorce, former spouses must consider other tax burdens, including property taxes. To create an equitable distribution of significant assets in a divorce, an Owings Mills attorney could help former spouses plan for tax implications associated with real estate.
Navigating real estate complications during an Owings Mills divorce can be particularly challenging. There are a lot of steps involved in the process, from valuing assets to determining the best strategy for minimizing tax burdens after the divorce. A dedicated divorce attorney could provide the advice you need to successfully navigate your divorce, identify the assets you deserve, and fight to protect your rights throughout the process.
Contact Nguyen Roche Sutton today for help with your high-asset divorce, whether you are struggling with real estate complications or looking for strategies to help you protect your financial future while you separate from your spouse.
