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.
The two parties may be tempted to simply trace their business debt themselves rather than involving an accountant. However, a forensic accountant’s report will likely carry more weight in the family law court. In addition, the accountant may also provide help in a particularly complex financial situation related to the business.
Along with seeking the help of an account, business owners or other individuals who are going through a high-asset divorce would be wise to seek an attorney’s help as soon as possible. The attorney in Maryland will closely examine his or her client’s financial situation and provide guidance when it comes to legal matters such as property division and alimony. The attorney’s chief aim is to help the client to achieve a fair settlement with the other party while keeping the client’s best interests at the center of the divorce proceeding.
