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Are high asset divorce rates declining?

Maryland residents may be interested to learn that the rate of divorces throughout the country has fallen in the last ten years or so. Every state has experienced a decline in the number of divorce filings when the data from 2009 is compared to the data from 2000. The reasons for this decline are not yet understood, but many experts feel that the sluggish economy may have played a part. Some also point to the fact the women are earning much more than they did ten years ago and many more people are also choosing to live together prior to marriage.

High asset divorces are presumably also on the decline, although this most recent particular survey did not categorize the divorces in great detail. When a couple gets involved in a high asset divorce, there should be a special focus on the value of the assets held by the parties. Marital property, debts and assets are all subject to equal distribution by the court. However, if there is a great disparity in income levels, one spouse may also seek spousal support, also known as alimony. Retirement plans and 401(k)'s are also subject to equitable distribution.

Many individuals who have acquired a substantial number of assets prior to their marriage exercise their legal right to enter into a pre-nuptial agreement. These agreements can simplify a divorce by specifically addressing how the assets will be divided in the event of a divorce. Knowing all of the options can help a Maryland resident navigate the complexities of high asset divorces and assist in obtaining the best possible result based on everyone's individual circumstances.

Source: Huffington Post, "Divorce Rates Declining In The U.S. (Interactive Map)," Kevin Chern, April 11, 2013

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