Men who own property or operate a business face tremendous challenges in divorce. Without the right legal representation, it is easy to end up with a property settlement or support plan that strips your business of essential resources so that you can no longer produce income to meet your obligations.
The team at the Carmiece Graves Law Firm has a keen understanding of business, finance, and accounting, as well as family law. They know how important it is for business and property owners to ensure that their voice is heard and their interests are protected in divorce. And they know how to achieve results.
Division of Assets in Maryland Divorce
Maryland laws call for an equitable distribution of property in divorce. That does not mean equal—it means fair, and that is a very subjective standard. If a judge believes that one spouse has a greater potential to earn income, that judge might award the other spouse a greater share of marital assets to compensate.
When a large portion of marital property is tied up in business or property interests, then suddenly the spouse who started the business and who understands how to operate it effectively may be cut off from that business. Operations could grind to a halt, and the business can quickly become worthless. Both spouses could end up as the losers in this scenario, and there may be no funds to support children either.
Whether spouses are developing their own plan for division of property or the court is making the decisions, it is crucial for everyone to understand how the business and property interests produce income and the steps needed to ensure that the business interests can continue to retain value and remain profitable. With an extensive background in finance and business, the team at the Carmiece Graves Law Firm knows how to develop a plan that meets legal requirements and allows both partners to move forward successfully with their lives after the divorce.
Alimony and Child Support
Men who own businesses or property face additional difficulties when it comes to determining child support and alimony. Business interests and property can give someone a high net worth on paper, but not provide funds to meet regular personal obligations such as high support payments.
Income from a closely-held business or property investments can be irregular at best. The need to reinvest proceeds sometimes takes precedence over everything else. It is important to ensure that these factors are taken into consideration when determining whether alimony is appropriate and how much a business owner should be required to pay in child support.
Work with the Mens’ Divorce Lawyers Who Can Protect Your Business and Property Interests
Knowledge is the key to success when it comes to protecting vital business and property interests in divorce. For the best interests of everyone involved, you need to work with a divorce attorney who understands how to fulfill legal requirements while still maintaining profitability of business arrangements.
At the Carmiece Graves Law Firm, we can develop a plan to meet your needs and enable you to keep moving forward. Contact us today for a confidential consultation to learn more about how we can help.