Divorce can be sticky wicket. A high-asset divorce involving large amounts of money and other assets can be a very complex and time-consuming process that may not fully end with a final settlement in Ohio. Such is the situation in a case playing out in another state.
A couple decided to divorce. He was the Vice President of sales and an equity shareholder of a company that manufactured parts for nuclear power plants. In the separation agreement, it indicated that the wife would receive 20% of any proceeds that the husband received from the sale of the company at any time. But that language was omitted in the final divorce settlement.
The husband received a bonus of $20 million following the sale of the company. This occurred two years after the divorce was finalized. The wife attempted to revive the language that had been deleted in the agreement. A judge ruled that there were no grounds to revive the removed language and that the wife had waited to long to appeal the divorce decree. The wife argued that the bonus was marital property as the impetus for the bonus was created by her husband’s significant increase in the company’s sales during the time they were married.
Division of assets in a divorce can be convoluted. The accurate definition of marital property in a divorce can have a significant impact on the final outcome of a high-asset divorce. Anyone in Ohio who is considering divorce and is in a high-asset situation may wish to consult with an experienced family law attorney. A lawyer can review the client’s financial situation and assist the client in arriving at a settlement that is fair and equitable to all parties involved.