Phone: 301-738-7770
Steven J. Gaba
Phone: 301-738-7770

High Asset Divorce Archives

High-asset divorce during the holidays

If you are getting ready for divorce as someone with a high net worth, there may be a variety of special considerations related to your circumstances that you will want to explore. For example, you may need to pay particular attention to some of the financial aspects of the divorce process, such as the division of your assets. Not only that, but you may have to work through other hurdles, especially during the holiday season. Some people want to move forward with their divorce regardless of the time of year, which is fine. However, it is always smart to prepare.

How are business assets divided in a divorce?

A great deal of hard work no doubt went into establishing your business in Rockville. The same might be said of your marriage. Your concern for the former will doubt then be affected by the dissolution of the latter. You may question why your soon-to-be ex-spouse is able to profit off of your business when you were the one to establish it. Yet it should be remembered that per Section 8-201 of the Maryland Code detailing Property Disposition in Divorce and Annulment, a marital asset is defined as any that you acquire while married. While your business as a whole might not meet this criteria, any interest it gained while married would. 

Tax considerations for alimony payments

When getting divorced, spouses in Maryland who may end up paying spousal support to their former partners will need to understand the potential ramifications of this agreement. The financial implications of paying alimony is about a lot more than how much money goes out of one's bank account every month. As with other elements of a divorce agreement, there are tax consequences associated with these payments.

How can I tell if my spouse is hiding assets?

If you think your marriage is soon to be part of the 50-percent divorce rate in Maryland, the thought may have crossed your mind to start stashing money in a secret account. You should know that it is, in fact, illegal to hide assets from a divorcing spouse. That does not mean the same thought has not crossed the mind of your partner, however. 

Defining how your 401(k) fits into your divorce

Many of the Rockville clients that we on the team here at Steven J. Gaba have worked with in the past come into their divorce proceedings convinced that they know exactly which of their assets their soon-to-be ex-spouses cannot touch. Many are unpleasantly surprised to learn that several of those they view as being separate assets are actually subject to property division. The asset that typically causes the most shock is a 401(k). You work very hard to earn assets to allocate to your 401(k) account without contributions from your spouse. Why then would it be considered marital property? 

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