In any type of divorce, Ohio laws apply. However, when significant assets are involved, things start to get tricky. Some divorces in the state are considered high asset divorces, meaning that there is a lot at stake (typically $1 million or more in assets).
A high asset divorce may include multiple properties, businesses, investments, stocks, retirement accounts, vehicles, jewelry, artwork, and furniture. All these assets can prove difficult to sort out, and with these assets often come prenuptial agreements and different strategies for alimony and child support. If not handled properly, you could make a lot of costly mistakes in a high asset divorce. Here are some things to avoid.
Getting in a Hurry
You may just want to get your divorce done and over with. While that’s understandable, you have to keep in mind that if you settle too quickly, you could lose out on significant money and assets. Take the extra time to ensure that you are getting what you deserve in the divorce. It will be beneficial.
Not Thinking About Taxes
Sure, you may be excited to get the marital home, but have you considered the taxes involved? Keep in mind that you will likely have to pay taxes on many of the assets you acquire in a divorce. Therefore, you should talk with a financial professional before you accept anything. The tax implications might not make it worth it.
Hiding Assets
When a couple has so much marital property, one spouse may think nothing of hiding an asset or two. Who will notice? Somebody will notice eventually, as there will be forensic accountants and other experts who will be evaluating your divorce case. All assets have to be disclosed in divorce and even an accidental nondisclosure can have ramifications. It’s actually a crime, so you could face severe penalties, including jail time. It’s not worth it, so be upfront and honest with your assets.
Not Hiring a Lawyer
High-asset divorces are highly complex. There’s no way you can handle one on your own, even if you think you have a significant amount of legal knowledge. A family law attorney has experience handling these types of cases. They can determine what is marital and what is separate property. The right lawyer has access to experts who can evaluate your assets and ensure that the property division is fair to you.
Contact Us Today
High-asset divorces come with a lot of complications. There are typically complex assets involved as well as prenuptial agreements.
While high asset divorces are still governed by Ohio law, they are not easy to deal with and often require different strategies. The Ohio high asset divorce lawyers at Lawrence Law Office can help you deal with the considerations involved. Contact our office 24/7 to get started. To schedule a consultation, fill out the online form or call 614-228-3664.
