Going through a divorce is always extremely stressful. The process becomes even more complex when a case involves complicated assets of high value. If you are getting prepared to go through a high asset divorce, you likely have many questions about what will happen to the things most valuable to you. Below, our Ohio high asset divorce lawyer outlines the most frequently asked questions about these cases, and the answers to them.
What will happen to the Business?
Often, the highest-valued asset in divorce is the business of one of the parties, or that the couple owns together. The answer to this question will depend on the specific facts of a case. Businesses can be considered separate property, marital property, or a combination of both. It is critical to work with an Ohio high asset divorce attorney who can determine which portion of the business is considered marital, and advise on how it may be divided, if at all.
Will I Have to Pay More Support?
Spousal support, otherwise known as alimony, and child support are two of the most contentious issues during a high asset divorce. Like all questions, the answer really depends on the specifics of your case, but there are some general guidelines you can follow. If you are the higher earner, it is not unreasonable to expect to pay a higher than average amount of spousal support or child support.
Calculations for child support are made using a statutory formula, which does consider the incomes of each party. If you earn a higher income, the order may be significantly higher than the amount outlined in the formula. While there is no statutory formula for spousal support, there are certain factors considered that widely vary from case to case.
What are Tax Considerations in a High Asset Divorce?
The assets divided during property division hearings are not immediately subject to taxes, but there are sometimes certain factors to take into account. Certain assets will face specific taxes in the future and so, it is important to know what these implications are. For example, retirement funds of substantial amounts are often a part of high asset divorce cases. If these are withdrawn at a certain time, there may be penalties associated with it and a portion of the funds may be considered taxable.
It is critical to work with an Ohio high asset divorce lawyer who has the necessary experience with taxable assets and their division during divorce. Only then can you make informed decisions about your goals and what is most valuable to you.
Do I Need to Work with a High Asset Divorce Lawyer in Ohio?
You are never required to work with an attorney when going through a divorce. When a case involves high assets or a high net worth though, it is highly recommended that you work with an Ohio high asset divorce lawyer. At Lawrence Law Office, our seasoned attorneys have extensive experience with these complicated cases and can answer all of your questions while helping you obtain the fair settlement you deserve. Call us now at 614-228-3664 or contact us online to schedule a consultation and to learn more.