Any separation or divorce is challenging but can be even more so when complex finances and significant assets like property are at stake. However, you have rights to assert, and an attorney can help you defend them.
The Akron high-asset divorce attorneys at Erb Legal have experience in high-net-worth divorces. They know how to navigate the challenges a high-asset divorce can pose. Call 330-249-1778 or use our online form to schedule a consultation.
High-asset divorces generally involve any marital property with a high valuation — it goes beyond the balance of a joint bank account or one property value.
Several types of assets may be high value, such as:
Ohio courts attempt to distribute marital property in a divorce equitably; however, this doesn’t necessarily mean evenly. So, while many assets in a high-net-worth divorce are split like in any divorce, things can quickly get complicated regarding assets that can’t be easily divided, such as real estate or business resources.
If there is a disparity between spouses’ earnings, the court may favor the lower-earning party. This can lead to further contention about what makes a fair distribution of assets, especially since the state considers each spouse to have contributed equally to acquiring marital property during the marriage.
Unsurprisingly, high-asset divorces can be costly. The more assets that are involved in the divorce, the longer it can take to decide how they should be distributed.
It’s in your best interest to hire an attorney with experience in high-asset divorces who knows how to handle complicated assets. Being represented by a less experienced but less expensive lawyer could cost you more in the long run.
Like any divorce in Akron, your legal process will likely start in the Summit County Domestic Relations Court. If children are involved in your divorce, several additional documents must be filed.
In addition to legal documents, you’ll need to get appraisals for assets that are more difficult to divide, such as family-owned businesses. Once the assets have been evaluated, it can be easier to decide how they should be split.
There are a few options when dividing high-value assets that can’t be evenly split. With a family-owned business, for example, one spouse may buy out the other’s share, or they may agree to sell the business to a third party and split the earnings.
Your retirement account may make up a large portion of your investments. Since Ohio law views contributions made by either spouse to a retirement account as subject to equitable distribution, your pension will be divided by the court like other assets.
Like businesses and some other marital properties, real estate can be hard to divide equitably. But as with businesses, there are a few options for dividing real estate, such as selling the property and splitting the income or buying out the other spouse’s stake.
Spousal support or alimony is often awarded, so a spouse can maintain the standard of living they were used to during the marriage until they can obtain training or education to become self-sufficient. Alimony is often awarded to the lower-earning spouse.
A judge will consider various factors when distributing assets in a divorce, such as:
It is not uncommon for an ex to try to hide assets to gain a favorable outcome in the divorce. This can happen in several ways, including:
Hiding or failing to disclose assets is illegal and can bring severe penalties if discovered. If you suspect your spouse is hiding assets, you must act quickly.
With the help of forensic accountants and other financial experts, your high-asset divorce attorney can uncover hidden assets and unreported income that could affect your divorce proceedings.
Whether you are a higher-earning spouse or you’re planning to divorce a partner who earns more than you, you need to prioritize what is best for you and your children, if any are involved. The Akron high-asset divorce attorneys at Erb Legal know how to provide the support and advocacy you need in the divorce process.
We can help you handle the challenges of a high-asset divorce. With our years of experience in Summit County, we will put in the work to negotiate an outcome that benefits you.