When an Ohio couple moves forward with a divorce, the court will seek to split the marital property in a way it deems to be fair. It will not necessarily be split 50-50. With distributive awards, the goal is to make sure that each side gets what he or she is entitled to. While this is concerning in any divorce, it can be especially challenging with high-asset divorces and high-value marital property. For couples who have substantial assets at stake, it is imperative to be fully protected to make certain that they are shielded from challenges related to the distributive award process.
Distributive awards, the goal and its factors
A distributive award is based on real property or personal property and can be paid all at once or incrementally. When assessing marital property and determining how to divide it, the court will weigh certain factors. The length of time for which the marriage lasted will be considered. A longer marriage might yield a different split of the property than a shorter one. In any marriage, there will be assets and liabilities. This too will be gauged.
When there is a family home, it can be awarded to one or the other. If there are children from the marriage and the parent with custody will benefit from remaining in the home with the children and a limited upheaval to their lives, this can be part of the process. Since real estate can be high-value, this may be worrisome. Some property may have greater liquidity than others. If it is simply money in a bank account, it is liquid. If it is a collectible or another item that requires some effort to turn into liquid cash, it is considered differently as it is distributed. Economic concerns and its desirability of retention, how much it will cost to sell, and if there was a separation agreement can be part of the property division.
For high-asset cases, legal help is a protective measure
Those with major assets can engage in an acrimonious divorce as the sides dispute over who will get what. For those who have high-value marital property, there can be a contentious situation. During the legal process, the court will want to make sure the property is split fairly. This can clash with what the sides want. In some cases, there is room for negotiation and an amicable agreement might be reached. Regardless, to protect property and achieve an acceptable result, having legal assistance from the start can be a wise step.