High-value divorces are more complicated than typical divorces

On Behalf of | Jan 5, 2021 | Uncategorized |

A high-value divorce is a divorce in which the two people have assets that are worth a lot of money. Although an Ohio couple going through a high-value divorce must follow the same legal process as any other couple seeking a divorce, the assets make the process more complicated, especially when it comes to asset division and spousal support.

When dividing assets in all divorces, the couple must determine which assets are marital property and which ones are separate property. Marital property is property that was acquired during the marriage. Separate property, for the most part is property that was already owned by one spouse before the marriage. Sadly, there are times when the emotions of the two people surface and cause conflict. If that occurs, a skilled divorce lawyer can really help to move the process along and minimize the conflict between the parties.

Dividing marital property assets by what is ‘just and right’

Dividing marital community property is driven by several factors, including the assets of both parties and their individual needs.

In a high-value divorce, the approach can be even more complex. This type of divorce will require financial experts to be involved. Each asset will need an assigned value whereas a bank statement may be enough in a typical divorce. Assigning a value to each asset can be time-consuming and extremely laborious.

The value of a lawyer in a high-value divorce

If you have a lot of assets and you are going through a divorce, i is sensible to consult with a lawyer who specializes in high-value divorce. Not only will the lawyer be able to share their expertise but they probably have solid relationships with professionals with related expertise, such as appraisers. Because each of the assets will need to have a monetary value assigned to it, it is beneficial to consult with people who are knowledgeable about the various assets and their worth. Your lawyer can help you to come up with a comprehensive inventory of all of the assets involved so that the process goes as smoothly as possible.