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Bowie Maryland Legal Blog

Late-in-life and high-asset divorce may prove challenging

Navigating the marital break-up process is no doubt an emotionally and financially difficult experience for any couple. However, it can be particularly overwhelming for those going through a high-asset divorce -- and especially at older ages. Some tips, however, can make the divorce process a little less challenging for older couples in Maryland and elsewhere.

Before embarking on the process of divorce, people who are older may want to take inventory of all of their marital assets. These are all assets that they and their spouses acquired in the course of their marriages. For instance, the assets may include real estate and insurance policies. Information can also be gathered on pensions, bank accounts and retirement accounts.

Divorce involving child custody can have a positive outcome

Breaking up with a spouse can no doubt feel like an overwhelming experience. This is particularly the case for those who have young children at the center of their divorce proceedings. Still, individuals who find themselves struggling with issues such as child custody can certainly have happy and fulfilling endings in Maryland.

After people with minor children get divorced, they may experience a hazy phase. This phase is characterized by feeling free from previous routines. At the same time, though, newly divorced parents may worry about their financial futures, as they have had to transition from living on two incomes to a single income. They may also find it difficult to work out a viable balance between working and managing their households.

Do not overlook the division of debt during divorce

Most people in Maryland and across the country carry some type of debt. Some people may struggle with more negative debts, like outstanding credit card balances, and others may have good debts, like mortgage or auto loans. Whatever type of debt you have, you likely have concerns about how your divorce will affect it.

Many people focus on the who-gets-what part of divorce, and while wondering about your assets is wise, you do not want to overlook your debt. The property division process will address your liabilities as well as your assets, and you certainly do not want to end up with more than your fair share.

A financial advisor might be helpful during a high-asset divorce

Ending a marriage is far from a simple process, particularly in the area of finances. This is the case no matter what a divorcing couple's net worth might be, but it is especially true in a high-asset divorce in Maryland. However, financial advisors can help divorcing individuals to navigate the financial aspect of divorce more confidently.

An important role of financial advisors during divorce is to help people to figure out how to meet their immediate needs using their financial resources. As an example, rather than holding onto real estate assets, it might behoove them to seek cash assets instead. Real estate is not liquid, so it is not readily available to meet an immediate financial need. In the same way, financial investments typically are not liquid because people have to sell them to access the cash in them, and this can have unwanted tax consequences.

Debt can complicate high-asset divorce involving business

Going through the dissolution of a marriage can understandably be challenging in any situation. However, divorce can especially be challenging for business owners and other high-asset individuals who also have debt. Here is a rundown on how to navigate a high-asset divorce, such as one involving a business, while still dealing with debt in Maryland.

First, as a general rule of thumb, it is best for business owners to keep their business and personal money separate, as this makes the divorce process more straightforward. However, in the event that two divorcing spouses did not do this prior to their divorce, it may behoove them to hire a forensic account as soon as possible in the process. This type of accountant can help with tracing and documenting what the two parties did with any debt that the business incurred for nonbusiness purposes.

Financial planning may help following a high-asset divorce

The process of dissolving a marriage can sadly cause a person's world to come crashing down both emotionally and financially. From a financial standpoint, this is especially the case for those going through a high-asset divorce in Maryland. However, some steps might help them to recover financially from the divorce and remain as stable as possible in the years ahead.

First, when it comes to investing, people who have experienced divorce may be wise to invest more of their money in stocks. Stock investments are valuable parts of the majority of people's portfolios, and this is true even for people who are retired. The benefit of stocks is that it can help with withstanding the negative impacts of inflation.

Medical malpractice may have serious or fatal outcomes

Medical mistakes lead to over 250,000 deaths each year across the United States, including Maryland. And unfortunately, even if patients survive medical malpractice, they may end up suffering life-altering and debilitating conditions. Unfortunately, these conditions can last a lifetime and negatively impact a person's quality of life.

Examples of medical malpractice include a surgery error, medication error or anesthesia error. In addition, a childbirth injury that could have been prevented is considered to be the result of medical malpractice. A delayed diagnosis or a misdiagnosis is also an example of malpractice.

Co-parenting in a military divorce: Keep this in mind

As one of many military families in Maryland, you, your spouse and your children understand what it's like to make personal sacrifices for the sake of the common good. You can likely relate to other military spouses who say it's challenging to find balance between military duties and family life, especially marriage. You may also relate to those who say their marital relationships haven't been able to sustain the rigors of military life.

Divorce is never easy, especially when children are involved. You and your spouse may already have a military family care plan in place, in case of active duty or divorce. Kids who come from military families often deal with unexpected life changes. However, that doesn't mean adapting to life after divorce will be easy for them, which is why it's helpful to keep several things in mind to help them cope and keep stress levels between you and your spouse as low as possible.

Wise moves may lead to positive high-asset divorce outcomes

Getting started with the process of marital breakup can understandably be stressful in Maryland. This is particularly true for those embarking on a high-asset divorce. Fortunately, a couple of smart moves early on can increase a divorcing individual's chances of achieving a positive outcome in both the short term and the long term.

For starters, people who are going through the process of divorce may want to take thorough inventories of the assets they have acquired during their marriages. For instance, they can list all of their shared assets along with these assets' approximate values and acquisition dates. They can find information on assets' values in the account statements associated with these assets or in their tax returns.

Examining financial matters critical during high-asset divorce

No aspect of the marital dissolution process is simple in Maryland. This is particularly true for the financial aspect of divorce, especially a high-asset divorce. However, a few tips may help people who are going through divorce to protect their best interests from the start.

For starters, it is wise for people who are getting divorced to consider their ages and how close they are to retirement. This will determine how they approach the asset distribution process. For instance, rather than keeping the marital home, they may find it more useful to exchange ownership of the home for a large amount of cash assets as part of the divorce proceeding.

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