No two divorce cases are ever going to be exactly alike, and each case will present its own unique challenges. Still, cases involving high end assets do bring some of their own distinct complications. Below are some of the most common challenges associated with divorces involving high end assets, and how a Columbus divorce lawyer can help with them.
Dividing High End Assets Is Complex
The defining factor of a high end asset divorce is that the couple typically has much more property to divide during the process. During a divorce, all marital property owned by the couple must be divided. Individuals with a high net worth typically have domestic and international assets and the couple must try to determine how to divide them fairly in a divorce.
Ohio is an equitable distribution state, which means without a premarital agreement or other document outlining how property will be divided, a judge will divide the property fairly. Fairly does not necessarily mean equally. Equitable distribution could mean everything is split 50/50, or another arrangement a judge deems fair. The entirety of the couple’s marital property must be disclosed and properly evaluated.
Divorces involving high end assets typically take longer because of the time it takes to collect and value all of the assets. They must also be handled by a divorce lawyer that has the necessary experience and resources to value assets.
Outside Experts Are Often Needed
It is not uncommon for a divorce case that involves high end assets to require outside experts. For example, an appraiser may need to determine the value of many different types of property. Or, if one party believes the other is hiding assets to protect them from division, a forensic accountant may be necessary to discover those assets. A forensic accountant can also identify any inconsistencies when discovering assets and make sure the couple’s assets are properly quantified.
Special Considerations When Determining Support
High end asset divorces also require special considerations when determining the amount of support one party may pay. While issues like alimony and child support are common in many divorce cases, these terms become much more complex when a couple has many assets and a high net worth. The challenge people going through a high net worth divorce face is that the calculations used by most people when determining support is no longer applicable, and judges are given much more discretion. This provides an opportunity for both sides to get creative and present arguments that could persuade a judge.
Support in divorce cases that involve high end assets is also often different than in other cases. For example, children of high net worth couples often attend private school and may participate in competitive sports that require additional training, and added expense. Children of parents that have a high net worth also sometimes already have a trust set up in their name.
Tax Implications
Major changes were made to tax law across the country at the end of 2018 and so, there are already major tax implications for anyone going through a divorce. Each party in a high end asset divorce is likely to walk away from the process with significant assets and property, and they could face tax liability for those assets in the future. Property such as retirement accounts and principal residences are some of the main assets that have significant tax implications, and it is important to understand what those are.
Patience Is Key
Divorce is rarely a fast process, but those involving high end assets typically take even longer. It is not uncommon for people going through a high net worth divorce to become frustrated and impatient during the process. Emotions are already running high and it is easy to become further discouraged when things do not proceed as quickly as people would like. However, rushing the process will likely only end with a person forfeiting their rights to property they would have otherwise received at the end of the process. Patience is always important during any divorce case but when a case involves high end assets, it is even more critical.
Call Our Divorce Lawyers In Columbus Today
Divorce is always a complicated process but sometimes a case presents additional challenges. If you are going through a divorce that involves high end assets, our Columbus divorce lawyers at Lawrence Law Office have the experience necessary to help with your high net worth divorce. Call us today at 614-228-3664 or contact us online to schedule a consultation.