Divorcing while dividing significant assets can make an already complicated process even more challenging. High-asset divorces in Ohio involving businesses, real estate, investments, and other substantial assets present unique challenges that demand professional guidance. From determining fair valuations to addressing hidden assets, these cases require experience beyond the scope of a typical divorce. Here, we answer common questions about the complexities of high-asset divorce and how Ohio laws and financial considerations can affect the outcome.
Your spouse may be entitled to a share of your business or professional practice. In Ohio, marital property—assets acquired during the marriage, are subject to equitable distribution. If your business started or significantly grew during your marriage, its value will likely be considered marital property.
The court may require a professional business valuation to determine a fair division. Options for division include awarding the business to one spouse while compensating the other or arranging a buyout. Working with an attorney experienced in high-asset divorces protects your business interests, and the division is fair.
Protecting your assets during a high-asset divorce begins with full disclosure and strategic planning. Financial professionals can help identify and value all marital and separate assets, ensuring nothing is overlooked. Separate property—assets acquired before marriage, inheritances, or gifts can often be excluded from division if adequately documented.
It’s important to keep your assets separate from the ones you share with your spouse. For example, placing inherited funds into a joint account may convert them into marital property. An attorney can guide you through asset tracing and safeguard your financial interests.
Retirement accounts and pensions are often some of the most valuable assets in a high-asset divorce. Under Ohio law, these assets are subject to equitable distribution. The division typically requires a Qualified Domestic Relations Order (QDRO), which outlines how the retirement benefits will be split.
Factors like the length of the marriage and each spouse’s contributions may influence the division. An experienced attorney will work to get a fair outcome while minimizing tax liabilities and penalties.
Yes, a prenuptial or postnuptial agreement can significantly affect the division of assets. These agreements outline how assets will be handled during a divorce, potentially protecting certain assets from division. However, their enforceability depends on their validity.
The court will examine the agreement to make sure it was made voluntarily, without pressure, and with complete financial transparency. If any conditions are unmet, the agreement may be challenged. An attorney can make sure these agreements are applied correctly to your case.
Hidden assets can complicate high-asset divorces significantly. Common examples include undisclosed bank accounts, offshore investments, or undervalued properties. Identifying these assets often requires forensic accountants or financial investigators.
In Ohio, courts take hidden assets seriously. If a spouse is found to have concealed assets, they may face penalties, including awarding the hidden assets entirely to the other spouse. An attorney with experience in asset discovery is essential to guarantee a transparent and equitable division.
Spousal support in high-asset divorces is determined by factors like the couple’s standard of living during the marriage, each spouse’s income, and their ability to earn in the future. Ohio courts want to make sure both spouses can maintain a lifestyle like what they had during the marriage.
For high-asset cases, this calculation can be complicated by fluctuating income streams, business ownership, and investments. An attorney with experience in high-asset spousal support can help negotiate or litigate fair terms.
Yes, investments, stocks, and real estate holdings are typically part of the marital estate and subject to division. Determining their value is a complex process that may require appraisals, financial professionals, and market analysis.
For example, real estate holdings need to be assessed for current market value, while stocks and investments require valuation at the time of division. An attorney will make sure that immediate and long-term financial implications are considered.
Yes, offshore accounts and international assets are not exempt from division in an Ohio divorce. Courts require full financial disclosure, including foreign holdings. If these assets are hidden, forensic accountants may trace their location.
Failing to disclose international assets can result in significant penalties and legal consequences. Working with an attorney guarantees compliance with disclosure requirements and protects your interests.
Ohio follows equitable distribution laws, meaning marital property is divided reasonably, though not always equally. The court considers the length of the marriage, each spouse’s contributions, and their financial needs.
High-asset cases often involve complex property portfolios, making equitable distribution more challenging. An experienced attorney can navigate Ohio’s legal framework to ensure a fair and balanced division.
Tax implications are a critical consideration in high-asset divorces. Transferring or liquidating assets can trigger tax liabilities, affecting the overall value of the settlement. For example, selling real estate may result in capital gains taxes, while withdrawing from retirement accounts early can incur penalties.
An attorney with financial experience will work with tax professionals to minimize these liabilities and structure the settlement tax-efficiently, protecting your financial future.
Due to its complexities, a high-asset divorce involves more than just basic legal knowledge. An experienced attorney understands the nuances of Ohio’s laws, has access to financial professionals, and can develop strategies tailored to your unique situation.
You risk losing significant assets or facing an unfavorable settlement without skilled representation. The right attorney will safeguard your interests and help you achieve a resolution that positions you for a secure future.
Michael E. Bryant has the knowledge, skills, and resources to protect your interests and secure a fair outcome. Contact our office today to schedule a consultation.