Baltimore & Towson Lawyer Discusses High-Asset Divorces.
By now, you have probably heard the news about Tesla’s newest automobile -- the “more affordable” Model 3. For Tesla founder and CEO Elon Musk, obtaining initial car deposits that totaled just about $8 billion within a 24-hour period was surely a “good day at the office.” However, what most people may not realize is that Musk is currently dealing with substantial marital property issues in his divorce from his estranged wife, Talulah Riley.
Riley had filed for divorce a little over a week before the Model 3 was unveiled, and apparently, there was no pre- or postnuptial agreement in place. Musk is said to have a fortune worth a little over $13 billion, so the decision not to protect himself legally could prove to be quite costly. Based on the divorce petition, Riley is seeking an unknown amount in spousal support and reimbursement of her attorney’s fees.
Protecting The Assets You Worked So Hard For Over the Years
Whether you’ve built a multi-million-dollar business (or, as in the scenario above, a billion-dollar business), just about any Towson divorce lawyer will tell you that it is imperative for you to protect yourself -- and your assets -- as much as possible as you go through a divorce.
For example, many parting couples may not fully realize what a divorce will mean for them with respect to their finances and their business. Some may question whether or not the soon-to-be ex is entitled to half of the business, while others may be concerned with whether or not the business will last after the divorce is finalized.
One important point that couples are encouraged to keep in mind is that in the state of Maryland, all assets obtained between the time you were married through the date of your divorce are considered “marital property.”
There are certain exceptions to this rule, of course; however, the court will determine what’s marital property and will place a value on it. But how do you “value” a business -- and will it maintain its value if you are no longer at the helm running it?
Typically, individuals will seek the services of a skilled valuation expert who deals with placing values on certain types of businesses. They normally prepare extensive reports and the cost for their services generally range in the tens of thousands of dollars. Once the value has been determined, the judge will decide how much of the business each individual will receive.
It bears mentioning that Maryland is an “equitable property” state, which means that the judge will not be required to split everything equally. That said, dealing with a business during a divorce can be quite complex for the parties to do on their own.
Accordingly, to make sure you obtain the best outcome possible for you, your finances and your business, you are encouraged to seek legal guidance from a skilled divorce attorney who has significant experience in handling high-asset divorces.
Call (410) 321-4994 For a Free Consultation
Call The Law Offices of Amar S. Weisman at (410) 321-4994 to schedule a Free Consultation. The Purpose of the consultation is to determine whether you want to retain this law firm as your Baltimore County & Harford County Family Lawyer. If you do wish to proceed, then you must pay a retainer. See Our Policy on Fees and Costs. The family firm is located next to The Circuit Court for Baltimore County, at 1018 Dulaney Valley Road, Towson, MD 21204.