Why Is High-Asset Divorce so Complicated?

A divorce is often an emotionally and financially draining experience. When large amounts of assets are involved, the process becomes more complicated. A high-asset divorce demands a deep understanding of intricate financial matters, from valuing a business to uncovering hidden accounts. At The VanNoy Firm, we recognize that these cases involve a delicate mix of emotional, financial and legal challenges. With substantial assets like businesses, real estate and investments on the line, you need a law firm with extensive resources and a history of success.

A high-asset divorce is complicated by several factors, including:

• Complex Asset Valuation: Accurately valuing businesses, professional practices, real estate and investments.
• Division of High-Value Assets: Equitably dividing retirement accounts, pensions and stock portfolios.
• Discovery of Hidden Assets: Investigating and locating undisclosed or undervalued assets.
• Spousal Support Determinations: Calculating support based on a high standard of living and complex income streams.
• Enforcement of Agreements: Navigating the implications of prenuptial and postnuptial agreements.

What Makes Asset Valuation So Difficult?

Determining the true value of all assets is a foundational step in any divorce, but in high-asset cases, it’s rarely straightforward. While it’s easy to value a standard bank account, valuing a family-owned business, professional practice or diverse investment portfolio requires professional insight. These assets often have fluctuating values or are difficult to liquidate. Common challenges in asset valuation include:

• Fluctuating asset values that can change rapidly based on market or business conditions
• Difficulty liquidating certain holdings, especially privately owned businesses or illiquid investments
• Complex ownership structures or intermingled personal and business finances
• Contention over appraisals and disagreements between parties regarding the true market value
• The need for professional business valuations, which can be time-consuming and costly

A professional business valuation is often necessary to determine a fair market price, which can itself become a point of contention between spouses.

How Are Retirement Accounts and Pensions Divided?

Retirement accounts and pensions are often some of the most valuable assets in a marriage. Under Ohio law, the portion of these funds accumulated throughout the marriage is considered marital property and is subject to equitable distribution. Dividing these assets isn’t as simple as withdrawing cash. It typically requires a Qualified Domestic Relations Order (QDRO), a special court order that outlines how retirement benefits will be split without incurring early withdrawal penalties or immediate tax consequences. An experienced attorney is crucial to ensure this process is handled correctly to protect your financial future.

How Are Hidden Assets Identified and Handled?

Unfortunately, it is not uncommon for one spouse to attempt to hide or undervalue assets to protect them from division. Hidden assets can take many forms, from undisclosed offshore bank accounts to undervaluing a business or property. Uncovering these assets requires a thorough investigation. Ohio courts take the concealment of assets very seriously, and a spouse found guilty may face significant penalties, including being ordered to give the entire hidden asset to the other party.

Do Prenuptial or Postnuptial Agreements Matter?

A valid prenuptial or postnuptial agreement can influence the division of assets and spousal support. These legal documents outline how assets should be handled in the event of a divorce. However, their enforceability can be challenged. A court will review the agreement to ensure it was entered into voluntarily by both parties, with full financial disclosure and without coercion. If these conditions are not met, the court may set aside all or part of the agreement.

Navigate Your High-Asset Divorce with Confidence

High-asset divorces present unique challenges that demand skilled legal representation. From complex property division to intricate financial investigations, the stakes are simply too high to leave to chance. You need a legal team with the experience, resources and dedication to protect your interests. Contact The VanNoy Firm for assistance. We’re prepared to handle the complexities of your case and pursue the best possible outcome.