People going through a divorce already have a lot of questions. When a divorce involves high end assets, the number of questions you have may seem endless. While your life is changing, it is natural to wonder what your future will look like, and it is normal to have serious concerns. If you are getting a divorce and you and your spouse have high end assets, below are the three most frequently asked questions, and the answers behind them.
How Are High End Asset Divorces Different?
Legally speaking, divorces that involve high end assets are not legally different from other divorce cases. Ohio is an equitable distribution state in divorce, which means your marital property will be divided fairly during the divorce. It is important to note that this does not necessarily mean a 50/50 split, but that the division will be fair. This law applies to divorces that involve high end assets as well, but due to the amount of property, these cases are typically much more complex and they present unique challenges.
In some high end asset divorce cases, a judge may favor a lower-earning spouse in property division matters, to help ensure they can continue to support themselves after the divorce. Or, if one spouse was at fault for the end of the marriage, that may also play a role in a high end asset divorce. For example, if one spouse was unfaithful during the marriage and spent marital funds on an affair, the other spouse may be awarded more in property division to compensate for the missing property.
Certain high end assets are also very difficult to divide. Real estate property, for instance, is hard to divide without affecting the value of it. The same is true for businesses, though business owners typically do not need to fear they will lose their business as a result of the divorce. When a high end divorce case involves a lot of assets in cash, one spouse may receive cash rather than a portion of the asset. For example, if one spouse owned a business and did not want to sell it, the other spouse may relinquish their rights to the business but receive the same value in cash.
How Can I Ensure Property Is Divided Properly?
High end asset divorces involve all of the same issues as other types of divorce, but the division of property is an even bigger concern. While you may need to work with forensic accountants and other professionals to ensure your property is divided fairly, there are some steps you can take yourself. One of the biggest is to make a list of all the property you own. The list should include:
- Vehicles, including boats
- Homes and other real estate property
- Businesses and shares of a business
- Art collections
- Retirement accounts
- Bank accounts
- Antiques and other collectables
- Stock options
- Assets in a trust or an inheritance
The divorce process is a highly emotional one and many people wait to list their assets until the last minute. This is a mistake, though. As the divorce proceeds, you may lose access to certain documents and records, and those will likely have a big impact on your case.
How Can I Keep The Divorce Settlement Confidential?
Generally speaking, divorce cases that go through court become part of the public record, which means anyone can look up the details of the case. In high end asset divorce cases, the couple typically wants to keep certain terms confidential. Mediation is a great way to do this because it will allow you to settle your case out of court.
During mediation, you and your spouse will meet with a neutral third party mediator that will help you reach an agreement. After reaching an agreement, the mediator will submit it to the court so a judge can approve it. The final settlement agreement is not made part of the public record, allowing you to keep the details of your divorce private.
Mediation is not a practical solution for everyone but even when that is the case, it is sometimes possible to keep certain terms of the divorce confidential when it goes through the courts. It is important to work with a divorce lawyer that can advise you of your options when you want to keep litigated terms confidential.
Our Divorce Lawyers In Columbus Can Help With Your High End Asset Case
The divorce process always has the potential to become complex but high end assets have additional complications. At Lawrence Law Office, our Columbus divorce lawyers can advise on the unique aspects of these cases and help you secure the fair settlement you deserve. Call us today at 614-228-3664 or fill out our online form to schedule a consultation.