Any divorce can come with complications, but those involving more assets may have more to contend with. A high-net-worth divorce is typically defined as the dissolution of a marriage where at least $1,000,000 in assets are in play. However, these days, many high-net-worth divorces have much more than $1,000,000 in play. Maryland divorces of this nature can be much more complex than regular divorces due to the extensive range of assets and financial intricacies involved. Here are some of the explore the key factors that make high-net-worth divorces challenging:
- Breadth and application of law: Wealthy couples have diverse assets, involving multiple sections of the divorce code, making proceedings more complex. There also could be complications from certain types of assets or financial setups, especially if rules conflict or interact in unusual ways.
- Jurisdiction: Assets spread across various states or even countries can introduce multiple sets of divorce laws, increasing complexity. For example, a couple with a vacation home in another state will have to contend with laws in that place.
- Third Parties: Trusts, inheritance, family businesses…all these components of wealth can very much impact the complexity of a divorce. The more family members and entities with financial stakes are involved in asset division, the more complicated it can become.
All of the above factors can lead to another complicating issue in divorce: acrimony. As decisions pile up and time marches forward, couples may get impatient with the process and one another. Every legal question creates a new chance for difficult questions, conflicts, and opinions to derail the process. This is part of why it is so important to have a Maryland divorce attorney who can be trusted to keep things moving along and to provide guidance that will that is in line with one’s overall goals in a high-net-worth divorce.
