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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.

In addition, it may behoove individuals who are going through divorce to consider downsizing. The reason for this is that a larger home comes with more expenses, including property taxes and maintenance costs. Furthermore, people who stayed at home while married but are getting divorced may want to go into the workforce to build their savings up or pay off debt more easily.

Although monetary matters during a high-asset divorce can quickly become complicated, an attorney in Maryland can provide the guidance needed to navigate them with confidence either outside of court or at divorce trial, if necessary. For instance, the attorney can provide guidance regarding not only the splitting of assets but also alimony, child support and child custody. The main aim of the attorney during a divorce proceeding is to ensure that his or her client’s best interests are protected each step of the way.