A Maryland high net income divorce can be complex due to the need for assessments of child support, alimony, monetary award, and high-value property division. If handled incorrectly, a Maryland high net income divorce could potentially cost you thousands of dollars.
Maryland is an equitable distribution state, meaning that your assets and income will be divided fairly to both parties, not equally.
If you or your spouse in Montgomery County, Maryland, or Prince George’s County, Maryland, are facing a Maryland high net income divorce, it is important to consult with an experienced high net income divorce attorney, such as the attorneys with The Law Office of LaSheena M. Williams, LLC, who are equipped to resolve the unique challenges of a Maryland high net income divorce.
Child Support in a Maryland High Income Divorce in Montgomery County, MD, and Prince George’s County, MD
Typically, the amount of child support the payor parent owes is calculated pursuant to the Maryland Child Support Guidelines. However, in a Maryland high net income divorce the judge may exercise judicial discretion by taking the wealth of the payor parent into consideration, which could significantly increase the payor parent’s financial responsibility for the child.
Alimony in a Maryland High Income Divorce in Prince George’s County, MD and Montgomery County, MD
In Maryland, a spouse may seek three different types of alimony: pendente lite alimony which is temporary support during the divorce; rehabilitative alimony which is support until an educational or career goal is reached; or indefinite alimony which is permanent spousal support. Regardless of the type of alimony being requested, in a Maryland high net income divorce, the payor spouse may be responsible for a high alimony award depending on the personal and financial circumstances of both parties. Some factors the Court may consider are (1) the ability of the party seeking alimony to be self-supporting, (2) the standard of living the parties established during their marriage, (3) the physical and mental health of each party, (4) the length of the marriage, and (5) the financial needs and resources of each party.
Property Appraisal and Property Division in a Maryland High Net Income Divorce
It is very important that the parties’ assets are appraised correctly in a Maryland high income divorce because the property appraisal may impact an agreement for child support or an alimony order. The value and ownership of the assets and income is critical to an appropriate property division.
Couples with a high income often have complex property divisions because of their various types of assets and income, and each spouse’s financial and non-financial contributions. The types of property interests can vary by couple. Some common examples of potentially indivisible assets include: stocks, real estate, rental properties, vacation homes; high-value collectibles, such as art; and overseas investments, including offshore tax shelters.
During a Maryland high net income divorce, it is not uncommon for each party to hire their own appraiser and for the appraisal amounts to differ regarding asset value. In cases where the two appraisals differ significantly, the court may order the parties to hire an independent third-party appraiser to value the assets.
Trust Your Maryland High Net Income Divorce to Your Experienced Legal Team
With more to lose, you have more to gain by consulting with an experienced divorce attorney. At the Law Office of LaSheena M. Williams, LLC, we have the experience and specialized knowledge to ensure our clients receive the best possible outcome in high income divorces.
Our firm skillfully represents clients throughout Rockville, Bethesda, Gaithersburg, Silver Spring, Takoma Park, Chevy Chase, College Park, Cheverly, Greenbelt, Oxon Hill, Hyattsville, Upper Marlboro, Largo, Bowie, and surrounding communities. Call us today at (301)778-9950 or send us an online request for a consultation.