If you and your spouse are ending a long marriage in which you’ve accumulated considerable assets, the process can easily become complicated. Significant property and assets might be at stake, including multiple real properties, businesses, retirement savings and more.
Divorcing spouses in Maryland can anticipate an equitable distribution of the property accumulated during the marriage. Importantly, equitable does not necessarily mean a 50-50 split. Rather, property and assets are divided based on equity. So, what can you expect from the process?
Five points to consider
When significant property and assets are at stake, seeking financial guidance, in addition to legal guidance, can be critical. Here are five key points to consider:
- Hire an attorney who focuses exclusively on divorce.
- If necessary, consider hiring your own financial advisor, especially if you and your spouse have worked with the same advisor for years. Receiving guidance from someone working only for you can be valuable.
- If your spouse has a closely held business, make sure they don’t undervalue it as you both list your assets. You may want to get an independent valuation.
- Keeping the family home may not be in your best financial interests. Even if there’s no mortgage on it, make sure you can afford the maintenance, taxes, insurance and other expenses associated with the property.
- Unless you believe your spouse is hiding assets that your attorney can’t find, it may not be worth the added expense to hire a forensic accountant.
It is essential to have a clear picture of both your and your spouse’s assets and debts before determining what you want to seek in the divorce. It’s also crucial to make a post-divorce financial plan and know how much money you’ll need to continue living comfortably.
You don’t have to go through a divorce alone
Financial planning can be extremely difficult when you’re dealing with the emotions that come with ending a long marriage. That’s why having experienced professionals on your team is key.