Even the simplest divorce with very few assets can end up being complicated. So as you can imagine, a high asset divorce with millions of dollars at stake and complex assets involved can really be frustrating to deal with. The process can be lengthy and costly, as well as emotional
Just like any divorce, the parties involved will have to identify marital and separate property. However, this can be tricky in a high asset divorce, since there are so many complex assets involved.
High-asset divorces are a lot more complicated than your typical divorce. Here are a few reasons why.
Experts Are Needed
In a high asset divorce, there are a lot of assets involved that need to be properly valued. This requires the use of experts. Also, when there is a lot of money and property at stake, there is the chance of one party hiding assets. Because of this, a forensic accountant may be needed to look for hidden assets. Various other experts may be needed for this kind of divorce, depending on the assets involved.
Prenuptial Agreements Are Common
When there is a lot of wealth involved, the parties will want to protect what they bring into a marriage. That’s why high asset divorces often have prenuptial agreements. These legal documents outline who gets what in the event of divorce. While that should make things easier if the marriage does end, there are cases in which one party may contest the agreement, creating a lengthy legal battle.
Commingling of Property
A person’s separate property can become marital property based on how it is treated during the marriage. While this can happen in any marriage, high asset divorces may have businesses and more complex assets, making property division more complicated than ever.
More Tax Consequences
The more money and assets you have, the more you can expect to pay taxes. While you can distribute assets to the other tax-free during the divorce, there may be implications after the divorce has been finalized. The amount of taxes you pay can differ based on the timing of your divorce, so contact a tax professional to learn more about how you will be affected.
More Child Support
If you have minor children, expect to see high amounts of child support at play. While Ohio has child support guidelines, they are meant for lower-income families. When there are millions of dollars at stake, you could be paying tens of thousands of dollars every month in child support. Make sure to keep this in mind when you are splitting assets.
Contact Us Today
High-asset divorces have a lot of assets involved and can be highly complicated. Don’t attempt to handle one on your own. Make sure you get the right legal help on your side.
The Ohio divorce lawyers at Lawrence Law Office have the necessary experience and expertise to advise you with your divorce case, no matter how complex it is. Schedule a consultation with our office today by filling out the online form or calling 614-228-3664.