Divorce can be an emotionally and financially draining process for everyone involved. When a couple has amassed a significant amount of assets and wealth during their marriage, the stakes and potential for conflict can be even higher. Fortunately, there are a few steps you can take to protect your assets in a high-net-worth divorce. For help with your specific case, contact the Lawrence Law Office at 614-820-1195.
What Is Different About a High-Asset Divorce?
In a high-asset divorce, property division and spousal support tend to be the most intensely disputed aspects. In some cases, one or both spouses own a business or have a significant list of assets, such as real estate, vehicles, stocks, bonds, and retirement accounts.
One spouse may have been responsible for generating income for the household while the other spouse stayed home raising the children. Yet, both spouses have equal rights over any marital assets acquired during the marriage, and the lesser-earning spouse may seek spousal support payments to make ends meet after the marriage ends. Settling these issues can be a complex process that can benefit from the help of a skilled divorce attorney.
How Is Property Divided in a High-Asset Divorce in Ohio?
Property division is carried out in the same way for all divorces, regardless of the spouse’s net worth. In Ohio, marital assets are to be equitably divided between the spouses, which, in some cases, may not always result in a 50-50 division. In cases where the court believes one of the spouses has been negatively impacted by the other spouse’s financial misconduct, the division of marital assets may be adjusted accordingly. The divorcing couple may make their own agreement concerning how they wish their property to be divided. If they cannot reach a consensus, it will be up to the court to decide on their behalf.
It is important to mention that the equitable division rule only applies to marital assets, meaning any asset acquired from the date of the couple’s legal marriage to the date of their divorce or dissolution. Separate property—meaning anything acquired before the marriage—is not included in the property division process and remains with its original owner. A skilled high-asset divorce attorney can assist you with the process of identifying separate and marital property and conducting an accurate valuation of all marital assets.
What If I Have a Prenuptial Agreement?
It is quite common for high-net-worth individuals to require their future spouse to sign a prenuptial agreement before getting married. If you have a prenuptial agreement, it may be extremely helpful in settling any disputes over property division during the divorce process.
However, it is crucial to verify that your prenuptial agreement will be considered valid and enforceable in court. In general, a prenuptial agreement can be deemed invalid if one of the parties signs it while being subjected to pressure, force, or duress. Likewise, the agreement may not be valid if one of the parties has hidden assets that were not fully disclosed as part of the agreement. Finally, an agreement is not valid if it suggests that one of the parties may incur any type of profit by getting a divorce.
If you do not have a prenuptial agreement, it may be worth speaking to a family law attorney about the possibility of signing a postnuptial agreement with your spouse. While this option may not work for everyone, it may give you and your spouse more control over how both parties want the marital property to be divided. If drafted properly, the agreement can later be incorporated into the divorce decree and help expedite the process while reducing conflicts.
How Can a High-Asset Divorce Attorney Help?
If you are getting divorced and are worried about your financial well-being, speaking to an experienced high-net-worth divorce attorney should be your first step. Your attorney can help you understand how Ohio’s marital property laws apply to your case and can walk you through the process of identifying your marital property and separate property. If you have a prenuptial agreement, your attorney can assist you with the steps required to ensure it is a valid document and to enforce its terms.
If you or your spouse have accumulated any marital debt, your attorney can explain how debt is divided and how you can protect yourself if your spouse has amassed excessive debt by engaging in financial misconduct. Likewise, your attorney can assist you with the process of figuring out the value of each asset and can help you uncover any hidden assets your spouse may be trying to conceal. Your attorney can also guide you through the potential tax consequences of marital property division and advise you on the most advantageous course of action. If both sides are open to negotiating a mutual agreement, your attorney can represent you and negotiate a fair and equitable agreement while making sure your rights are protected.
At the Lawrence Law Office, our attorneys have over six decades of combined experience representing clients dealing with high-asset divorce all across Central Ohio. We understand the unique challenges you are facing, and we are here to help you. You can leverage our skills and legal knowledge to navigate your divorce in the most efficient manner possible, whether that means settling in a private setting out of the courtroom or taking your case to trial and fighting for your rights. If you are considering getting a divorce and have questions or are already in the middle of a heated legal battle, reach out to the Lawrence Law Office at 614-820-1195 to learn more about how we can help.
