What is going to happen to my estate during a high net worth divorce?

Your estate is everything that you own. During a high asset divorce in Ohio, you need to untangle yourself financially from your spouse, which means that you need to decide how to divide your assets.

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What will happen with my high value property after divorce?

All marital property is divided equitably in divorce, including high-value assets. High value assets are not treated any different than other assets. During a divorce, a couple can decide how they want to divide their marital property.

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Are my investments protected during a high net worth divorce?

It depends on what you mean by “protected.” You certainly can’t insulate investments from equitable distribution during divorce. Some of our clients wrongly think that property is marital only if both spouse’s names appear on the investment account.

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What happens with stock and bonds during a high net worth divorce?

Stocks and bonds are analyzed just like any other piece of property. First, you need to determine whether it is marital property or separate property.

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What assets need to be taken into account during a high net worth divorce case?

All assets that the couple owns, either individually or jointly. Remember, what is key is not whose name appears on the deed or title.

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Where is the line drawn between being protective and alienation?

The line is not always clear. However, parents who are merely trying to protect their child often have a good reason, such as a history of abuse. By contrast, parents who try to alienate their child from the other parent do so for no good reason. Instead, they use negative language and lies to create distance between the child and the other parent.

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What should I know about child custody as an unmarried parent?

Before an unmarried father will have parental rights, he needs to establish that he is the father. This is called establishing paternity. In Ohio, a father can establish paternity in a couple ways, such as signing a voluntary affidavit of paternity. Alternately either parent can file a paternity suit.

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What happens with my child custody orders when I move out of state?

Ohio is a signatory to the Uniform Child Custody Jurisdiction and Enforcement Act, along with most other states. This means that the state you move to must enforce child visitation orders. Of course, it matters whether you are leaving the state with your child or not. If you are, you will probably need to provide notice to the court. Make sure to follow all required steps, otherwise you could get in trouble.

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Can grandparents be included in visitation schedules?

Sometimes. Ohio law allows grandparents to petition for visitation in limited circumstances, such as when the child’s parents are unmarried or the parents have filed for divorce or legal separation. A court does not automatically grant visitation. Instead, a judge will decide if visitation is in your grandchild’s best interest.

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What happens to life insurance policies after divorce?

Life insurance policies are like other assets that must be divided in a divorce. This is particularly true if you have a whole life or universal life policy. You probably named your spouse as your beneficiary in the event you died. After divorce, you need to name a new beneficiary, which could be your children or another person.

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Is child custody determined differently in high net worth divorce cases?

No. Child custody in a high net worth divorce is determined using the same “best interest of the child” standard that is used in all custody cases. Under this analysis, a judge considers many factors, including:

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How will spousal support maintenance be determined in a high net worth divorce?

Each case is different, and it is impossible to say ahead of time how a judge will rule in a high net worth divorce.

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How will my divorce affect my company’s standing?

This depends on the business, in particular how closely the business is tied to your identity. If no one knows who you are, then they probably don’t know that you are getting divorced.

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How does divorce affect my retirement?

Divorce can dramatically affect a person’s retirement, especially when they have built up considerable retirement assets during the marriage. Some of our clients realize they will not be able to retire when they had expected to, so they must continue working.

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Is it dangerous to hide assets during a high asset divorce case?

Yes. Under Ohio law, each spouse must make a full disclosure of their assets during the divorce. Unfortunately, in some high asset divorce cases, one spouse tries to hide individual assets, such as investment accounts held offshore.

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How should I handle offshore accounts during a high asset divorce?

You should treat offshore accounts just as you would as if those assets were onshore. Some of our clients are tempted not to disclose assets, especially off-shore assets, because they think that their spouse will not discover them.

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How will our high asset real estate investments be divided?

Real estate will be subject to equitable distribution just like all other marital assets. They will be lumped together with other marital assets and then divided by the judge if the couple cannot reach an agreement on their own.

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How do we distinguish between community and non-community property?

The key is to look at when you obtained the assets. If you obtained an asset before getting married, then it is usually non-community property, called “separate property” in Ohio.

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What will the tax implications be after my high asset divorce?

In a high net worth divorce, tax issues loom large. Divorces, by themselves, are not usually taxable events, so you shouldn’t expect the IRS to send you a bill just because you were divorced.

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How will retirement funds be divided in high asset divorce?

For many people, retirements accounts represent a significant portion of their investments. However, retirement funds are divided in an Ohio divorce just as other assets are divided.

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Will there be repercussions if I move out of my marital home before I am divorced?

Yes. Leaving the home is often more expensive and inconvenient. However, it could also negatively impact your request for custody. Judges decide parenting disputes based on the best interests of your child, and one factor is how much time you currently spend with your children. If you leave the home, you will probably reduce your contact with them.

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What are the consequences of hiding my assets while going through a divorce?

Hiding assets might seem like a good idea to gain advantage in a divorce. However, you will face serious problems if those assets are discovered. In addition to shredding your credibility, a judge can impose sanctions. You might even face a felony charge for perjury.

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How do we decide where our children will go to school following a divorce?

Parents with joint custody will hopefully reach an agreement on which school their child will attend. If parents can’t find common ground, then they can use different techniques, like mediation, to reach an agreement. Otherwise, parents might soon find themselves back in family court, having a judge decide the issue.

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What do parental rights look like in the state of Ohio?

Parents have substantial rights, including the right to spend time with their children and the right to make important legal decisions for them, like whether they can receive surgery or where they will go to school. If a parent has custody, then they could also qualify for child support, which must be paid by the non-custodial parent. A parent does not lose their parental rights easily; however, the precise contour of their rights is often a dispute during divorce.

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How beneficial is a prenuptial agreement during a high asset divorce?

Very beneficial. A valid prenuptial agreement can clear up any confusion regarding the following:

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How will the marital portion of our high assets be determined?

You will need to look at when you acquired the assets. For example, if you bought a piece of property while you were single, then it is considered separate property. If you opened an investment account before marriage, it is also separate property.

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How does deferred compensation come into play during a high asset divorce?

Unless you have a prenuptial agreement that identifies what is marital and what is separate property, Ohio law comes into play. Ohio’s law is simple: it will consider property marital if you earned it while married.

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How can my attorney help with my business valuation during divorce?

If you need to split the business, then your attorney can help you devise a method for buying out your ex-spouse’s share of the property. This might include coming up with structured payments or finding financing so you can offer a lump sum.

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How long does a high asset divorce take?

Divorce is fairly simple. You complete various forms and file them with the court, paying a filing fee in the process. You then schedule a hearing before a judge, which should take place 30-90 days after you filed your divorce petition.

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Client Reviews

Had free consultation. Advice given was taken, and resulted in change of mind in the other/opposing party. We therefore did not need to retain. Should opposing party resume original opinion, we will retain.

Kit

I was in a terrible custody dispute with my ex. I was very upset and afraid of my ex. Rodd listened to everything I said and remembered everything I said. He was aggressive in court and used the information I gave him very well. We won the case and my ex has backed off.

anonymous

I wanted an easy divorce from my wife. She wanted a fight. Rodd and I discussed fair terms for a dissolution. Because he was pro active and stayed on top of the case, my wife and I finally reached an agreement and had a dissolution. I highly recommend Rodd.

anonymous

I hired Linda Lawrence because I have a business and I wanted to protect it in my divorce. Linda is top notch and knows about business finance and assets. I was able to keep my business and not have to pay my wife anything from it. Hire her.

Linda

I hired Linda Lawrence because I needed an aggressive attorney. Linda was able to stand up against the other attorney and was very aggressive in court. It was an expensive divorce case, but that was because the other attorney was very aggressive and Linda was very thorough. I had great results in my case and highly recommend Linda.

Joy
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