When most people think of a couple going through a high-asset divorce, the thought of one spouse hiding assets usually comes to mind. As we have stated before, in a matter of a few discussions with a family law judge, a high-asset individual can see their wealth shrink quickly, leaving them with less than what they had been used to for all those years. Hiding assets may appear to offer a way to protect the wealth a high-asset spouse may feel they are entitled to.
Going through a divorce is hard enough on people after you consider the emotional struggles couples face and the overwhelming burden of dividing assets and liabilities. But what truly makes divorce a challenge for Maryland residents is a law most people don't know exists until they have to face it during divorce proceedings.
Going through divorce proceedings is possibly the single most stressful things any person can go through. This is especially true for high-asset couples who oftentimes have more to lose if their divorce proceedings do not go smoothly.
We can say with incredible certainty that going through a divorce will have a significant impact on your finances. That's because there is a considerable amount of research out there that tells us this is true. When it comes to children, we can say again, with relative certainty, that they will also be affected by the process, which is something we pointed out in a post last month. We can say this because of psychological studies and because of the professional opinions of experts in the field.
As we have mentioned many times before on our blog, many couples are waiting until later in life to divorce. Whether because of timing or a newfound social acceptance, "grey divorce" has become a popular alternative to staying in a troubled marriage after retirement. But as we have pointed out in past posts, waiting to divorce until later in life can create difficulties as well as raise a number of questions.