High Asset Divorce - Dennis B. Dahlberg, Esq.
Every divorce is challenging, no matter the circumstances. Emotions tend to run high. Divorce can become even more complex when considerable assets are involved, and both parties have a huge stake in the case. Not every divorce is the same, and each divorce should be viewed from the lens of a case-by-case basis. In a high asset divorce, there is more at stake from a financial standpoint. The assets that can be held in the balance may include shared bank accounts, business assets, and investments, but this list may grow much longer with greater depth. It is no secret that a high asset divorce can be overwhelming and complicated. However, there are ways that you can minimize your risk in a high asset divorce.
Your first goal prior to filing for a divorce should be to organize the assets of both youself and your spouse. Hidden assets can become an issue in a high asset divorce. No matter how much one spouse or the other makes, either one can hide assets. And, at times, over a marriage lasting a considerable number of years, some assets may have even become lost to memory.
If you are having difficulty when listing your and your spouse’s assets, then it may be time to call in an accountant. Accountants can easily spot issues such as discrepancies or missing assets during an assessment. Some common problems with high asset divorces are complex tax issues that an accountant can help mitigate. An accountant can take a closer look at other high-worth assets, including retirement funds, pensions, 401(k) accounts, and more. Your attorney can recommend an accountant who is particularly skilled in this area and might be best suited for your needs.
It is not unusual for married couples to conceal certain aspects of their finances from one another. Some spouses may even go as far as to hide assets to prevent the other spouse from receiving them in the divorce. If this type of situation occurs, there are steps that a person can take to determine income and uncover hidden assets. Hiring a forensic accountant is an excellent way to get an in-depth look at all finances in the marriage. A forensic accountant can often obtain copies of tax returns, pay stubs, bank account statements, and similar documents needed for proof of income or assets.
Understanding how a particular court will view property division is a crucial part of a high asset divorce. Each state has its own laws determining how to divide property. In Ohio, most assets and debts obtained during a marriage are considered marital property. (Most courts exclude property that one spouse acquired as a gift or inheritance from a third party. Any property that either spouse acquired before the marriage is considered separate property.) The courts in this state require equitable property division. However, there can be extenuating circumstances that could change these types of divisions.
Several factors are taken into account when it comes to equitable division, including:
The length of the marriage;
Income and earning potential of both individuals;
Levels of education;
The ages of the individuals;
The needs of both individuals and their children;
The financial contribution from each person during the marriage;
Along with several other factors.
If you need help understanding property division in Ohio and you are contemplating a high asset divorce, then it is recommended that you speak to a divorce lawyer. A lawyer experienced in high asset divorces can answer any questions you may have and provide guidance through the divorce process.
Complex divorce cases involving many assets require diligent and aggressive representation to ensure that the client’s best interests are protected. We would appreciate the opportunity to discuss your family law and domestic relations needs with you, and we stand ready to assist you in your current and future needs. Please feel free to contact one of our attorneys for a free consultation at 614-670-8103, or visit us at www.dsflawfirm.com.