Annapolis Liquidation of Assets Lawyer
One of the most difficult aspects of any divorce is property division. The more property and assets a married couple owns, the more complicated the property division process will be in a divorce. If you face a complex divorce in Annapolis, the Maryland family attorneys at Arn Family Law can help. Contact us today for a phone consultation with our Annapolis liquidation of assets attorney and learn more about how to prepare for the liquidation of assets in a divorce.
Why Choose Arn Family Law?
Any divorce can be a stressful ordeal, but the right attorney can make the entire process much easier. At Arn Family Law, helping our clients through their most difficult times is our passion.
- Your Annapolis divorce attorneys will explain the legal details of your situation so you can understand all aspects of your divorce and make informed decisions about the direction of your case.
- We will provide compassionate, respectful, and professional legal counsel for the entirety of your case.
- Our attorneys will help you determine the best ways to liquidate your assets in order to protect and provide for your future.
If you plan to divorce with significant assets, having an experienced family law attorney on your side can help protect your financial future.
How Will an Annapolis Liquidation of Assets Lawyer Help?
Divorce entails a significant amount of paperwork, and if you and your spouse own a significant amount of property, it can take a long time to properly assess the value of the joint or separate property and arrange for liquidation. Both spouses will want to ensure they receive their fair shares of the marital property, and this often entails expert investigation and financial analysis. Your attorney can handle procedural filings and evidence gathering, coordinate expert investigations, and represent your interests in family court.
How to Liquidate Assets in Divorce
When a married couple owns property jointly, they must decide how to split that property in a divorce. They may decide to trade different assets for others or simply liquidate the shared property and divide the proceeds. It is even possible for a divorcing couple to manage some of these decisions before divorce proceedings officially begin. For example, if the couple shares a bank account they both contributed toward, the court would consider this joint property anyway so the couple can save time by simply closing the account and splitting the proceeds evenly.
Other assets may be more difficult to divide. If the couple owns a home and/or business as joint property, one spouse will need to buy out the other’s share of that property to keep the property. If the divorcing couple cannot come to a mutual agreement about these exchanges, the only option is to sell the property and divide the proceeds.
Why Asset Division or Liquidation Matters in Divorce
Dividing or liquidating joint assets in a divorce is important because, in order to be completely divorced from your spouse, there must be not only a legal divorce but a financial divorce. A financial divorce means that you are no longer financially responsible for or connected to property that is also owned by your spouse. Continuing to own property or be liable for debts with your spouse after your divorce is a recipe for future conflict and litigation. The goal of a financial divorce is to make sure that you and your spouse sever all ties that could limit your ability to purchase new property in the future, that could pose a risk to your credit, or that could open you to any kind of liability as a result of continuing to jointly own assets with your ex-spouse.