Adding high-value assets into a divorce makes things that much more complicated. Whether a business, property, or just large amounts of liquidity, these considerations need to be considered when formulating a plan for divorce. With Ohio being an equitable distribution state, here are a few things to consider when high-value assets are involved in a divorce.
1. Get a proper valuation of everything
If there’s no formal, recent valuation of whichever property could be up for splitting in the divorce, then that needs to be done first. Otherwise, one party could end up with quite a bit more or less than they expected to keep. Also, proper valuations of real estate, businesses, and valuables could play a role in determining how much alimony or child support is needed down the road.
2. Prepare for contentious negotiations
Anytime items of high value are involved, the negotiations tend to be more difficult and drawn out. Of course, each side wants their fair share (or more) and each side will ardently fight for what they want. These negotiations often take more time if property and/or businesses are tied into additional contracts or other agreements. Oftentimes, couples with high-value assets find peace of mind with signing a prenup prior to the marriage in order to avoid some (not all, but some) of these difficult negotiations
3. Hire an attorney sooner rather than later
It’s essential to have proper representation when working through a high-value divorce. A qualified and experienced Ohio divorce law firm will understand the nuances of working through the issues and know what could happen if the divorce heads to court. They’ll work in your best interest to find a resolution that protects your assets or will fight for what’s yours.
If you’re going through a high-value divorce in West Chester, Mason, or Hamilton, be sure to call the team at Garretson & Holcomb, LLC. They’re experienced in these special types of splits and are here to help you every step of the way. Call (513) 863-6600 today to learn more.