Divorces are more challenging when a couple has substantial assets. Locating and valuing assets takes time and can be contentious. When the holdings involved are tangible property, the parties must consider current market values at the location, any tax issues, and currency exchanges.
Real estate complications during an Upper Marlboro high-asset divorce are common and can be difficult to handle without a skilled legal advocate. Working with a knowledgeable high-asset divorce attorney from Carmiece Graves Law who has significant experience handling divorces for high net-worth individuals and couples is crucial.
Assessing Tax Implications
Maryland Family Law Code § 8-205 describes how courts divide property in a divorce. After distinguishing marital property from personal property and obtaining its value, the court may divide the marital property in a way that balances the equities or that the judge deems fair.
Many high net-worth couples have complex finances that might include investment properties. Providing one of the spouses with a fair allotment of the couple’s wealth could involve selling real estate that is being held as an investment. Doing so could have substantial tax implications, including triggering capital gains taxes.
A skilled lawyer in Largo is familiar with the tax code and could consider the tax implications of a property sale or transfer when negotiating an appropriate property settlement for a high-asset divorce. Careful attention to tax consequences during negotiations can ensure fair settlements.
Identifying All Real Estate Holdings
Finding all the assets a high net-worth couple holds is often challenging. It is challenging when one spouse enters the marriage with significantly more wealth than the other spouse or when one spouse manages the finances, and the other has little involvement.
Wealthy people often hold much of their wealth in trusts. A trust is private, avoids the need for the property to pass through probate, and can sometimes reduce or eliminate estate taxes. Land trusts allow a trust to hold real estate and keep the identity of the people who created or benefit from the trust anonymous.
Uncovering Hidden Funds
Most high-asset divorces require forensic accountants to locate and value hidden assets. A divorce attorney in Upper Marlboro has a substantial network of experts who could assist in ensuring that property division negotiations for high net-worth cases are based on an accurate assessment of the couple’s finances.
Valuing Foreign Real Estate
Wealthy people often own real estate in multiple locations. It is common for couples to have vacation homes and investment property in different states and even other countries. Getting an accurate valuation for property division purposes is often challenging.
When a property is not local for a high-asset divorce, an attorney in Upper Marlboro must locate a skilled appraiser in the area where it is located. Using the appraisal results and input from local real estate agents who handle upmarket property transactions, the parties can negotiate an acceptable value for their foreign real estate. Local currency values can also impact the negotiations when the property is in a foreign country.
Rely On An Upper Marlboro Attorney To Handle Real Estate Issues In Your High-Asset Divorce
Real estate is not a liquid asset, but many wealthy people hold a significant portion of their wealth in property. This can complicate the property division process in a divorce.
It is crucial to consult with a diligent lawyer at Carmiece Graves Law who has the experience and resources to manage real estate complications during an Upper Marlboro high-asset divorce. Get in touch now for a consultation.
