In any divorce, dividing the couple’s marital assets is typically the most complicated portion of the settlement process. For couples with a large asset pool, this process can be especially complicated.
Before you begin the divorce process, take inventory of all of your marital assets and have it easily accessible. Your accountant can help you with this. Discuss your assets and the property division process with your lawyer to gain a better understanding of what to expect from your divorce.
In Ohio, marital assets are community property, which means they are jointly owned by both partner. Non-marital assets, such as those obtained through inheritance and those owned by the individual partners before entering the marriage, are not subject to division in a divorce. But if a separate asset changed in value during the marriage because of the other partner’s efforts, it may be considered to be a commingled asset and thus, partially subject to division.
A high asset divorce could include some or all of the following assets:
Certain types of retirement account, such as pensions, may be divided through qualified domestic relations order (QDROs). This is a type of legal order that names an alternate payee to a retirement account, typically the account owner’s former spouse.
There are many issues that are generally more pressing with a high asset divorce than with a divorce between middle and lower income couples. These include:
When one party was the sole breadwinner or earned substantially more than the other, the lesser-earning party may seek spousal support. To determine an appropriate spousal support amount, the court must consider factors like the length of the marriage, each partner’s assets and income, and each partner’s personal needs. How the couple’s property was divided, such as which partner retained the marital home and each partner’s financial obligations related to his or her share of the marital assets, may also be considered when determining a fair spousal support amount.
If you are considering ending your marriage, it is important that you work with a divorce lawyer who has experience handling cases similar to yours. This means that if you have some or all of the substantial assets discussed above, it is in your best interest to work with a divorce attorney who has experienced handling high asset divorces. To discuss your case further with a member of Comunale Law Office, contact us to schedule your legal consultation with our team.
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