At Baumohl Hamburg, our proficient Baltimore divorce attorneys have long-standing experience in legal counsel for couples involved in high net worth divorce cases. When marital assets are substantial and include everything from private businesses and real estate to retirement savings and trust funds, it is critical to work with skilled and zealous legal representatives who will obtain favorable results even in the most difficult cases. Our main priority is to protect your financial interests by providing outstanding legal services that cover every aspect of high-asset divorce, including thorough case assessment, assets valuation, high net-worth child support, successful negotiation, uncovering hidden assets, high net-worth alimony, child custody, favorable marital property division, and powerful court litigation. We work hard to relieve you of emotional turmoil and enable you to come out of this tough situation stronger and more secure than ever.
Throughout the years, our attorneys have successfully settled numerous divorce cases in Maryland, including sophisticated high-net divorce cases, both inside and outside the courthouse. Our deep knowledge and expertise in family law allow us to tactfully and masterfully surpass our opponents, typically in a way they are not able to foresee. We collaborate with competent professionals, such as forensic accountants, valuation experts, and appraisers, and use the valuable material they supply to us to craft rock-solid defense and a strong winning strategy. For a discreet consultation with our top-trusted high-asset divorce attorneys in Baltimore, reach out to us at Baumohl Hamburg law firm today. Schedule a consultation at (443) 940-2000 or fill out our online form.
Read What Our Clients Are Saying About Us
Going through a tough time, mixed in with the legalities of my divorce, was made way easier with Harry. I always knew I was in really good hands with him and making sure I got my fair share was never a worry. He was able to walk that fine line of being very respectful to the other side while being uncompromising on my side. He was a stark contrast to the other lawyer who was highly touted but showed very little respect. At the end of the process, I got a much better outcome than I thought I would had gotten, especially as the man. Harry knows the law, and understands the intricacies when the law is less clear. If I am ever needing to make a recommendation, Harry will be enthusiastically endorsed by me. In fact, if I ever needed legal representation in any other context, I would want to know who Harry recommends and go with them.
What Is a High Net-Worth Divorce?
High-net divorce typically involves over $1 million dollars in marital property that has to be distributed between the parties upon marriage dissolution. The stakes are significantly higher than in conventional divorce cases, making them much more intricate and difficult. If you are seeking powerful legal counsel, turn to our proficient attorneys who are known for providing forceful advocacy to high profile individuals like high achievers, high-level executives, businessmen, doctors, lawyers, and their spouses.
The Unique Challenges You Have To Address
Getting divorced is never easy. However, when it comes to high profile marriages, the challenges you face are substantially different from the issues that average divorcing couples run into. There is a myriad of issues that parties have to address and resolve before they can finalize the divorce, and these include:
- Child support and spousal support amounts to be granted
- Assets valuation and fair price determination
- Business interests (especially for family-owned or shared businesses)
- Hidden assets and dissipation
- Primary and vacation residences
- Details of domestic agreements (prenuptial and postnuptial agreements)
- Existence of unique assets (trust funds, intellectual property, lottery winnings, etc.)
- Impact of ownership on marital property distribution
- Privacy concerns
- Tax impact of asset distribution
- Emotional turmoil
- Prolonged & contentious dispute
- Assets located outside current jurisdiction
- Determining marital and non-marital property
- Division of professional practices
- Debts/liabilities
- International assets
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Marital Property & Equitable Division In High Asset Divorce Cases in Maryland
Generally speaking, all property that has been accumulated during the marriage, regardless of which partner acquired it, is considered marital property. In the state of Maryland, marital property is not automatically divided in half between the spouses. Rather, it is divided according to the principle of equitable distribution. What this means is that the assets acquired in marriage will be allocated between the spouses in an equitable and fair way, which is not necessarily equal. However, there are many exceptions to this rule, and if not handled accurately by a professional, property division can lead to unfair outcomes. It is also important to mention that sometimes it can be hard to determine which property is marital and which is non-marital. For this reason, in any divorce, the first step is to hire a skilled attorney who will use the resources to determine the value of marital assets before they can be distributed between the parties.
Protect your interests and save money in the long run by working with an experienced divorce lawyer who will encourage you to have a direct say in your financial future and help you achieve the best possible outcomes.
Marital property can include:
- Multiple real estate properties (including vacation homes)
- 401ks, other retirement accounts, and pensions
- Private businesses
- Art, antiques, collectibles
- Stocks, bonds, trusts
- Vehicles
- Personal property (gifts, boats, airplanes, etc.)
- Bank accounts, cash, securities
How Asset Valuation Is Done
In high-asset divorce cases, valuation is quite complex as it may involve concealed income for instance. With large sums of money and complex finances at stake, you must work with a proficient lawyer who has plenty of experience in dealing with these circumstances.
Baumohl Hamburg team fully understands how important it is to collaborate with financial experts in order to resolve these matters accurately, which is why valuation is not conducted by lawyers themselves. Rather, it is performed by specialists and trained experts who are able to correctly evaluate even intangible assets and to identify ownership in jointly owned properties.
Intangible assets where special valuation is commonly required:
- Businesses and ownership
- Investment real estate (commercial and residential)
- Professional practices (doctors, lawyers, architects, accountants, etc.)
- Deferred compensation plans (pensions, 401(k) retirement plans, employee stock options)
- Intellectual property (publishing contracts, manuscripts, screenplays, copyrighted songs, patented inventions)
- Life insurance policies
Asset valuers are able to determine tax consequences, locate hidden assets and appraise assets that require special valuation. Our clients appreciate the expertise of our appraisal consultants, which gives them added confidence and peace of mind while going through high net divorce.
We work with top-tier valuation experts in Baltimore, including:
- Licensed valuation analysts (business, accounting)
- Forensic accountants
- Valuation advisors
- Appraisers
- Tax specialists
Key Steps Of Property Valuation
Property valuation includes a few important steps that ensure accurate appraisal analysis:
- Assets identification
- Business valuation
- Asset tracing (distinguishing marital from non-marital property)
- Property appreciation
- Asset valuation
- Equitable division
Spousal Support & High-Net Divorce In Baltimore
The judge will take into consideration several factors when deciding on spousal support, such as the ability to self-support, the time it takes to find suitable employment, or the time it takes to gain education in order to maintain the same living standards after the divorce. It is likely that this matter will be extremely contentious. Spousal support determinations will be based on the standard of living, income history, self-supporting abilities, and similar factors.
Whether amicable or not, high profile couples who are facing a divorce should obtain professional legal counsel for disputes of spousal support so that they can be confident that their interests are being well protected for the future.
Child Support & High Net-Worth Divorce
The state of Maryland uses Child support guidelines to calculate the amount of child maintenance in conventional divorce cases. However, beginning July 1, 2022, Child support law (Md. Code, Family Law § 12-204) has been updated so that these guidelines do not apply to high net-worth couples whose combined income is greater than $30,000 a month. Instead, the court decides on child support on a case-by-case basis. The judge sets the amount of child support based on child’s needs and each parent’s financial status.
Child support disputes between financially powerful spouses typically encompass complexities that call for legal expertise. For this reason, choose a lawyer who is experienced enough to predict complicated matters even before they arise and who will secure you a positive outcome in child support issues, regardless of the substantial assets.
Discover The Benefits Of Mediation In High-Asset Divorce in Baltimore
Mediation provides a number of benefits for couples who are going through high-net divorce. Typically, spouses appreciate the fact that they are able to make decisions by themselves through mediation and negotiation, rather than a judge making decisions in the courtroom. In addition, your children will benefit from consensual and collaborative methods between the parents.
- Fewer attorney fees
- More control to negotiate the terms
- Confidentiality
- Skilled guidance & experienced mediator’s help
- Faster resolution
- Reduced conflicts
- Relationship preservation
- Emotional support
Find Out Why High Net-Worth Individuals Choose Us To Represent Them
Baumohl Hamburg advocates have both the competence and required skills needed to win high stakes divorce disputes. With decades of relevant experience, our boutique law firm has successfully protected the rights of our clients and obtained favorable outcomes for them. You can rely on us for effective negotiation skills, fearless advocacy and intrepid strategies, all aimed at ensuring you get what rightfully belongs to you. To learn more, please call our office at (443) 940-2000 or send us a message.
- 75+ years of combined experience
- Full-service law office specializing in high asset divorce and family law
- Savvy negotiators and fearless trial lawyers
- Highest professional standards
- Positive reviews from former clients
- Notable members of prominent associations (Baltimore Collaborative Divorce Professionals, Baltimore County Bar Association, American Bar Association, etc.)
Commonly Asked Questions:
1. What are the steps of going through divorce in Baltimore?
By understanding the five steps of the divorce process you can gain insight into the legal journey that lies ahead of you. Here’s a brief overview of the process: filing for divorce, assets and labilities disclosure, valuation of marital property, marital property distribution, and finally, negotiation and settlement or proceeding to court to resolve disputes before getting legally divorced.
2. How long does it take to finalize high asset divorce in Baltimore?
The duration of divorce varies based on the specific circumstances of each case. Divorces with only a few contested issues are the least complicated, so when parties reach an agreement on all important matters, the process can be completed fairly quickly. However, in general, high net-worth spouses are unable to swiftly resolve all the issues, so the process can last for months, or even years. The process is often prolonged due to all the assets that are up for division, alimony, or child support disputes. In addition, domestic agreements can further accelerate or slow down the procedure.
3. How is business ownership determined in marital property division?
When a lot of assets are tied to a business, the division can become exceptionally complicated. In Maryland, even if business is only in one spouse’s name, marital property status may be applied, meaning it has to be distributed after the marriage is ended. Business ownership concerns for high-net divorces encompass business valuation, allocation of business (including buying out other spouse’s share, selling, dividing, or continuing joint business after the divorce), uncovering hidden assets, and anticipation of future earnings.
4. Is there a way to protect my assets during the divorce?
When it comes to protecting your assets, there are certain steps you can take and they include prenuptial agreements, post nuptial agreements, or signing shareholders agreements for businesses.
5. How do I choose the right lawyer for high asset divorce?
When choosing the divorce attorney who will represent you, you should take into consideration how much experience the chosen lawyer has in handling high net-worth divorces, how mindful they are of your privacy, how they will protect your information, how close they will work with you, how professional they are, and so on.