Ohio residents who are considering divorce and who have many assets might encounter additional challenges during the process. While all divorces have some complications, high-asset divorces are often more complex due to the many financial areas that are affected by the split.
Figuring out assets, their worth and who they belong to
A big part of the challenge in a high-asset divorce is identifying assets and evaluating their worth to figure out how to negotiate during the divorce settlement. Most divorcing couples with significant wealth tend to have a mixture of separate and marital assets. Additionally, there are assets that might have originally been separate but appreciated in value over the life of the marriage, so that increase in value must be divided as well. Some couples might have signed a prenup, which can help during the divorce process, but others who chose not to sign a prenup will have to figure out all these financial aspects during the dissolution of a wealthy marriage.
The investment of time and money
High-asset divorces might also end up taking more time between the discovery stage, negotiation and possible litigation. This longer process also means that spouses will also have to spend additional money on the costs of divorce, from filing documents to court appearances as well as hiring both law and finance professionals to assist with the case.
There’s a lot to consider
When money is involved, there are a lot of things to consider that might create complications during property division. These include:
- Tax implications
- Spousal and child support payments
- Retirement accounts
- Investment portfolio
- Property assets
Couples who begin the process of a high-asset divorce should be aware of the complications that might arise as they negotiate their divorce settlement. They should be prepared to seek professional assistance since the division of property can be complex and have long-lasting repercussions.