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Discover the Complex Timeline of High Net-Worth Divorces in Maryland
Getting a divorce is one of the most challenging life events, and almost everyone hopes to complete the process as quickly as possible. But we have all heard of friends or family members who fought for a fair outcome for years. Is it common for a high net-worth divorce in Maryland to take this long? How many months can you expect to negotiate with your former spouse?
The answer depends on many factors, such as how many items are contested, whether children are involved, and if one partner is running a business that represents the majority of the assets. What’s more, the lawyer you choose can significantly affect the duration and outcome of your divorce. Let’s have a closer look at what you can expect from the process if you or your spouse have acquired a lot of assets.
How Long Does a High Net-Worth Divorce Take in Maryland?
The time it takes for a divorce to go through is highly individual, but on average, you can expect the negotiations to last 18-24 months if one or both partners have significant assets. When you first get in touch with your lawyer, they will ask you to explain the situation and what has led to the divorce. You should also mention which assets you’d like to hold on to and whether your partner is likely to contest your claim to them.
In many cases, your attorney will suggest an amicable settlement or mediation first. That way, you can save a lot of money and shorten the process. However, if no fair settlement can be reached, you will need to take your partner to court and fight for your rights. In such a case, you might have to wait for up to five years for a final result. However, such a long process is rare, and your lawyer will most likely be able to help you settle much faster.
A Few Contested Items for a High Net-Worth Divorce
The easiest divorces involve few contested items. If you and your spouse agree on asset division and can split possessions fairly, the process is simpler. For example, one person might get the more expensive home, while the other gets the smaller house and the car. Similarly, one might keep their retirement account in exchange for a piece of real estate.
Even if your divorce seems simple with few contested issues, hiring a lawyer can still be helpful. They can check if the settlement is fair and ensure the papers you sign won’t cause problems later. It’s always wise to have an expert review everything to avoid missing important details in the fine print.
Many Contested Items
A divorce lasting more than a year often involves many contested issues, where both spouses claim certain assets. Without an agreement, attorneys and a trial become necessary. You’ll need to gather evidence with your lawyer and wait for court dates, which can slow the process even more.
The Lawyer You Choose
The lawyer you pick for your high-net-worth divorce in Maryland greatly affects your outcome. They will help you gather evidence to keep your assets and negotiate on your behalf. If your lawyer lacks professionalism and good communication, they could slow things down by not responding quickly or filing paperwork late.
On the other hand, an experienced attorney with a proven track record can almost ensure a favorable outcome. They will help you meet deadlines and prepare for negotiations. This way, you avoid delays, and the process moves faster.
Questions Related to Childcare
Having children complicates any divorce because you have to consider custody, child support, and conservatorship. In some cases, it can slow things down since there are more elements that have to be worked out. However, a judge will also try to act in the best interests of the children, and it’s always good for them to have stability and certainty.
Because of this, everyone may want to reach a solution quickly. This helps children adjust sooner without worrying about a long separation. Talk to your lawyer about the custody arrangement you prefer and how you want to share responsibilities with your former spouse.
Mediation VS a Trial in High net-worth Divorce
Most divorces don’t require a trial because they can be resolved between the two parties. Unless the process is very amicable, you will still need to negotiate with your partner and work out the details of the divorce. Mediation can be a great solution because it relies on the assistance of a neutral third party, the mediator.
This person can help you and your former spouse to voice your concerns and eventually come to a fair conclusion. If you are able to work everything out in this way, you can avoid the hassle and delays that come with going to court.
Business Involvement
Divorces involving a business can be tricky, especially if the business is the main asset to divide. If both spouses co-owned and worked together, new arrangements must be made. One option is for one spouse to buy out the other. Another is selling the business and fairly splitting the assets. Some couples might choose to keep working together professionally, even though their personal lives are now separate.
The situation becomes more complicated when one spouse is involved in a business with partners outside the marriage. In these cases, the judge aims to make a fair decision for both spouses while also safeguarding the business and its other partners from any impact.
Get Help to Navigate the High Net-Worth Divorce Process
High-net-worth divorces often bring complexities, especially when you’ve acquired assets both before and during the marriage. If you own a business, navigating the process can become even more challenging. It’s often unclear who gets what, which can make the process take months or even years to finish.
Thankfully, there are ways to ensure a positive outcome without spending years fighting for your rights. The first step is to hire a skilled divorce lawyer. Ensure they have experience working with high-net-worth clients and are familiar with the Maryland area. Get in touch with us now to book an initial consultation with one of our attorneys. We will be happy to examine your situation and help you find a way forward.