You would be hard-pressed to find a divorce in which the division of marital property wasn’t at least somewhat difficult. If your divorce involves high assets, however, it is very likely to be far more complicated. Items like investment accounts, a large inheritance, or high-value collectibles, just to name a few, can be difficult to divide equitably. If you are heading toward a high-asset divorce, you need an experienced Ohio divorce attorney in your corner.
The property that you and your spouse acquired together over the course of your married years is considered marital property. This is regardless of whose name is on the deed or who made the purchase. This marital property is intended to be divided in a manner that is considered equitable, which amounts to “fair” when you factor in the circumstances of your marriage (however, there is a presumption of equal division). Within this context, there is obviously plenty of room for complications. For one thing, one spouse’s equitable is often another spouse’s utterly unfair. When the marital property involves high assets, you can expect emotions to run even higher and complications to flow freely.
Those assets that both or either of you brought into the marriage with you – and kept separate throughout the intervening years – will remain your separate property that will follow you into divorce. There is also plenty of room here, however, to encounter complications. For example, if your spouse brought a small business into the marriage and grew it into an empire over the course of your marriage, that increase in value will very likely be considered marital property (especially if he or she ran the business throughout your marriage) – to be split equitably. This is generally true whether you worked for or contributed to the business directly or not. If you did work for and/or contribute to the business’s growth, however, it can further muddy the water.
Assets and properties that have significant value generally need asset valuations, which include considerable evidence procurement. In fact, the act of obtaining a valuation that you are both willing to sign off on can be exceptionally difficult in and of itself. Some of the assets that tend to seriously complicate the division of marital property include:
Suffice to say that when it comes to high-asset divorce, there is a good deal of work to be done to help ensure that your financial rights are well protected – and there is also a good deal more wiggle room when it comes to financial shenanigans. All told, you are well-advised to work closely with an experienced Ohio high-asset divorce attorney.
When it comes to a high-asset divorce, protecting your financial rights is paramount, and the focused Ohio high-asset divorce attorneys at The VanNoy Firm have the experience, legal insight, and skill to help you do just that. For more information about how we can help you, please don’t wait to contact us today.
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