At Baumohl Hamburg, our skilled divorce lawyers have extensive experience in formidable representation of individuals going through high net worth divorce cases in Maryland. When you are facing marriage dissolution with considerable assets involved, it is crucial to hire a confident, driven, and argumentative attorney who will ensure your rights are fully protected and you obtain the outcome you deserve. We are committed to safeguarding your wealth by employing expert legal services including assets valuation, high net-worth child custody, child support, uncovering hidden assets, high net-worth spousal support, marital property division, negotiation and court litigation. Our goal is to offer not only strong work ethic and deep technical understanding of the law, but also compassion and emotional support, which will allow you to pass through divorce with ease and confidence.
Maryland high asset divorce attorneys of Baumohl Hamburg are not just dedicated, but passionately committed to fighting to protect what is rightfully yours. We offer powerful and persuasive legal representation strengthened with sound judgment, tactful problem-solving abilities, and innovative strategies. Leveraging our proficiency, integrity, mental agility, and resources from a wide network of highly qualified financial experts, we will be able to create a rock-solid defense and substantially reinforce your case. If you are facing a high-asset divorce, don’t hesitate to contact us at (443) 940-2000 or fill out a quick contact form.
Our Practice Areas
Our law office offers legal counsel and efficient conflict resolution for all aspects of high-asset divorce, including:
- Child support
- Spousal support
- Child custody
- Marital property division
- Business valuation
- Uncovering hidden assets
- Professional practices distribution
- Domestic agreements
What Is A High Asset Divorce?
The Definition And Characteristics
What exactly is a high-net-worth divorce? This term is used to describe a divorce where the high income couple owns significant assets and the main focus is on the total net worth. The total value of marital property can often reach millions of dollars and the complexities of the divorce process itself reach a whole new level. Marital property includes anything from real estate and private businesses to intangible assets, like royalties and retirement accounts. Valuing all of these assets correctly can be difficult and often demands the help of financial advisors, auditors, accountants, and forensic investigators of legal and financial records.
Marriage dissolution is usually a very complicated process, but when substantial wealth is involved, the stakes are even higher. This is because high asset divorce process requires meticulous attention to financials, thorough planning and comprehensive tactics. This type of marriage ending requires specialized legal competence, as it presents a distinct challenge. These sophisticated financial profiles have to be handled by expert attorneys who possess sharp technical understanding of property division laws, accuracy, strong negotiation and communication skills, strategic thinking, as well as established network of respectable financial experts.
Common Issues To Address
Financial challenges associated with high-asset divorce go beyond merely distributing property between the parties. Couples with considerable wealth often face a myriad of different challenges:
- Careful consideration of the tax impact
- Child support and spousal support calculation
- Asset valuation (tangible and intangible)
- Out of state and international investments
- Hidden assets
- Domestic agreements (prenuptial and postnuptial)
- Ownership issues
- Determining which property is marital and which is non-marital
- Marital property division
- Emotional and psychological disturbance
- Effects of divorce on children
- Privacy concerns
- Prolonged disputes & legal proceedings
Please do not hesitate to contact us. We typically reply within 24 hours!
Marital Property Distribution In High Net Worth Divorce Cases in Maryland
Marital property includes any assets accumulated by both spouses during the marriage. Any assets you owned, received as a gift, or inherited before getting married will not be subject to distribution.
- Real estate (primary and secondary residences, vacation homes, rentals, time-share)
- Vehicles (cars, private jets, yachts, collector cars)
- Businesses, jointly or separately owned,
- Investments, pensions, retirement funds, employee compensation plans
- Bank accounts & business related assets
- 401(k) plans, IRAs, stocks, stock options
- Partnerships, practices and trusts
- Antiques, jewelry, art collections, memorabilia, wine collection
- Inheritance money, intellectual property
In Maryland, both spouses are entitled to an equitable distribution of marital property. Equitable division means that the resources will not necessarily be split 50/50 between the two, but the value of assets received by each will be the same. For instance, one party will keep the family home, the other will keep assets equaling the same value as the home.
This can be a very challenging area of legislation since it requires professional assistance of financial specialists who have to identify and calculate the value of acquired possessions and capital. At Baumohl Hamburg law office, we have a long-standing collaboration with leading forensic accountants and other financial experts who continue to help us build strong cases for our clients. With their assistance, and by utilizing our strong skills and competence, we are able to build a winning strategy focused on tracing how the property was treated during the marriage. This allows us to promote client satisfaction and resolve some of their most challenging predicaments, even in situations where assets are combined. For example, we will make sure you get compensated for the mortgage payments you made using your pre-marital funds.
Marital Property Valuation Process
To be able to fairly and properly divide the assets between you and your spouse, you must first know exactly what you have acquired together.
This is where financial specialists as objective and experienced third party become an important factor. Valuation experts, forensic accountants, and appraisers are highly beneficial in high net worth divorce proceedings as they help determine not only the current fair market value of assets, but also their future value. Furthermore, these professionals are able to determine worth of intellectual property, insurance policies, stocks, deferred compensation plans, antiques, and expensive gifts.
Marital property assessment involves several key stages:
- Identifying marital property
- Property tracing
- Credible assets & business valuation
- Property appreciation
- Equitable division
Our Network of Financial Valuation Experts
Our network of Maryland CPAs (Certified public accountants), forensic accountants, and other financial advisors is a valuable tool in winning legal disputes over joint assets. Their involvement and final conclusions are integral in facilitating settlements, while their standing and mastery are recognized by the judicial system, particularly during mediation or when they are providing expert testimony in the courtroom. Over the years, we have worked with many reputable specialists from Maryland, which has given us the ability to know exactly who can help us obtain the best results.
Uncovering Hidden Assets
Hidden assets represent another challenge in divorce cases of high net worth individuals. During the divorce, both spouses must provide full financial disclosure so that the division of marital assets is fair, accurate, and equitable. All income, property, and debts must be disclosed as is, without any manipulation. Unfortunately, in high net worth divorces, it is quite common for one spouse to withhold information and hide or undervalue their assets so that they can accomplish an unfair advantage during the distribution of marital property.
There are many ways to hide assets. A spouse can have extra money hidden in offshore accounts, hidden crypto assets, use business to hide cash, buy digital assets, etc. Identifying and revealing hidden assets demands the expertise of forensic accountants who will examine the financial documentation to discover these discrepancies and irregularities.
Tax Implications
High-net-worth marriage endings usually involve complex tax implications for both spouses, so it is vital seek help from lawyers who specialize in family law, in order to minimize tax liabilities and overcome these issues seamlessly. Family law attorneys at Baumohl Hamburg have what it takes to navigate the financial landscape smoothly. By hiring our knowledgeable Maryland high-asset divorce lawyers, you can rest assured you will have fair and accurate tax resolution.
Child Support Matters In High Net Value Divorce In Maryland
In divorce cases involving minor children, the primary concern is to ensure that the best interests of the children are taken into consideration. Determining child support in high-net-worth-divorces can be very complex. When calculating the amount of child maintenance, things like living standards established during marriage, children’s needs, and earning capacity have to be considered. The amount of support is aimed to provide proper lifestyle for the children based on parents’ financial capabilities.
For high-income parents, child maintenance involves considerable financial attention. Additional costs that wealthy couples might consider are:
- Educational expenses (private tuition, educational materials, college, trade school)
- Extracurricular activities (sports programs, art classes, music lessons, dance lessons)
- Increased healthcare expenses
- Transportation cost (from one parent to another)
- Childcare (infant care, day care, after school childcare)
- Travel & vacation expenses (summer camps, summer vacation, international travel)
- Religious activities (bar mitzvah, first communion, confirmations, etc.)
The judge will also evaluate financial resources of both parties in order to decide what an appropriate amount is. The participation of financial experts may be required in order to ensure accurate valuation, clarity, and valuable insights.
The Importance Of Spousal Support
When it comes to alimony matters in high-net-worth couples, it is likely that the question of spousal support will be contested. Since one party is typically the primary provider, while the other focuses on raising the children and taking care of the household, there is usually an income disparity. When making alimony determinations, the judge will take into account the duration of the marriage, the standard of living, income history, and ability to contribute to their own independence.
To ensure a fair outcome and receive what rightfully belongs to you, don’t hesitate to work with successful layers from Baumohl Hamburg. With well-developed expertise, impeccable communication skills, and enhanced critical thinking, we are your go-to solution for amplifying your legal success.
Business Ownership And High-Asset Divorce
When a large part of marital assets are associated to business, distributing the property can be remarkably difficult, particularly if both parties have been actively running the business. This is why a detailed analysis of financial documents is needed, including details such as balance sheets, profit/loss statements, and tax returns. Moreover, the distribution may need creative solutions. For example, one party may decide to buy out the other party’s share.
Since these decisions can have serious implications, it is important to have skilled legal representative to guide you through the whole process. High-asset divorce attorneys like us work with business valuation experts to protect your ownership rights, and to minimize negative impact on your business operations.
Client Testimonials: Find Out Why Marylanders Have Confidence In Us
My experience with Harry was nothing short of exceptional. From our very first meeting, it was evident that Harry is not your typical lawyer. His approach is one that truly values each client from their own unique perspective. This approach, combined with his profound knowledge of the law, sets him apart in the legal field.
What stood out to me the most was Harry’s emotional intelligence. It’s rare to find someone who can navigate the complexities of the law with such empathy and understanding.
I would highly recommend Harry to anyone in need of excellent legal representation. Whether you’re facing a complex legal challenge or need straightforward legal advice, Harry is the lawyer to turn to. His commitment to his clients is unparalleled, and I am profoundly grateful for his support and representation.
How We Can Help With High Net Worth Divorce in Maryland
Baumohl Hamburg divorce attorneys have decades of experience negotiating and litigating family law disputes, with local and national recognition for our work. We understand that it’s in our client’s best interest to reach a favorable settlement rather than being involved in a prolonged court battle. This is why we employ a variety of resolution tactics, including mediation and negotiation. In case a court representation is needed, we have experience in court litigation, too.
Spanning over several decades, we have successfully settled hundreds of divorce cases, including high-asset cases in Maryland.
- 75+ years of combined legal expertise
- Specializing in high-asset divorce and family law
- Zealous trial lawyers and seasoned negotiators
- Boutique-style law firm
- Skilled guidance & emotional support
- Notable members of prominent associations (Baltimore Collaborative Divorce Professionals, Baltimore County Bar Association, American Bar Association, etc.)
Areas We Serve
Baumohl Hamburg attorneys provide legal counsel to Maryland residents who are facing family law and divorce disputes. Areas we serve are listed below. For other locations, contact our office directly.
Annapolis – Baltimore – Clarksville – Cockeysville – Columbia – Ellicott City – Glyndon – Hanover – Hunt Valley – Jarrettsville – Lutherville-Timonium – Monkton – Owings Mills – Pikesville – Phoenix – Reisterstown – Towson
Commonly Asked Questions
1. How can I reveal my spouse’s hidden assets?
When one spouse conceals their assets it can be quite hard to uncover them. For this reason, it is best to use services of forensic accountants. They use several methods to reveal hidden property.
A typical forensic accounting method involves analyzing deposits. By reviewing deposits and subtracting the transactions, any amount that remains is carefully examined to trace the money.
Next, they meticulously investigate the funds of each individual to determine whether anyone spent money they didn’t declare by checking bank statements and other financial records. If evidence of suspicious activities are found, the next step is to analyze spending patterns or tax returns to identify the discrepancy between reported and actual income.
2. Is my spouse entitled to a 401k after the divorce in Maryland?
This is a very complex issue that calls for the assistance of a knowledgeable divorce lawyer. The court will decide whether pension should be included in the marital property and what its value is. Furthermore, ownership of an interest in a pension, retirement, or other deferred compensation plan can be transferred to the other (or both) spouses to allow for an equitable distribution of pension. The details can be found in Md.Code, Family Law § 8-205.
3. How is debt split in a high net worth divorce?
As Maryland is an equitable state, it means that all assets and debts are split between the spouses in an equitable way. One thing to take into account is that there is also a third party – the bank. For them, the person responsible for paying out the debt is the one whose name is signed on the contract. For this reason, it is important to hire an experienced lawyer who will offer advice on how best to resolve the situation to your advance.
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Disclaimer: The information presented here is intended solely to inform, and should be used for informational purposes only and not as legal advice. The material on this site does not constitute legal advice. It does not represent professional guidance on how to move forward and is not guaranteed to be accurate, complete, current, or error-free.
The content here is subject to change without notice. Laws, rules, and regulations may vary. If you have questions about your legal matter and need professional counsel regarding your specific circumstances, feel free to contact us by phone, email or electronic mail.