Deciding to get divorced may offer a feeling of relief for a person who is ready to break free from his or her marriage. However, it is just the first step in making this permanent separation happen. In addition, the situation can quickly become complicated if it is a high-asset divorce. Here is a rundown on some important steps to take when going through this type of divorce in Maryland.
First, it is critical that people who are navigating high-asset divorce proceedings gather their financial records early on. Documents that will likely be necessary during the divorce proceeding include current check stubs and tax returns. Other important documents include marital debt documentation, statements about life insurance policies, mortgage statements and bank statements.
Second, it is wise for divorcing individuals to come up with plans for building up their individual savings. Having nest eggs can come in handy for when they eventually begin their independent lives, as they often must make the transition from living on two household incomes to living on one income. A divorcing party should ideally get an accurate tally of his or her expenses to determine how much income is necessary to cover his or her costs going forward.
Finally, individuals going through high-asset divorce proceedings in Maryland may want to get in touch with an attorney right away. Ideally, this attorney should be able to meet their unique needs based on the circumstances surrounding their divorce proceedings. The attorney can let a divorcing individual know upfront his or her divorce process options — for instance, negotiation versus litigation — and even his or her child custody options if young children are involved in the divorce proceeding.
