In Ohio, there are a standard set of rules when working through the division of property and assets in a divorce. But what if your case isn’t typical? What if there’s high-net worth or particularly valuable assets involved?
Specific High-Value Considerations
Real estate can be particularly tricky to divide as the physical division of the property can dilute its value to both parties. Some of the questions worth asking include:
- Do I actually want to retain the full property?
- Is there an equivalent cash value I’d be comfortable accepting?
- What is the long-term value and cost of the property for me if I retain it?
High-net worth couples often have extra costs associated with raising children. These can include:
- Private school or college tuition
- After-school and extracurricular activities
- Nanny or au pair services
The costs of those will need to be discussed among both parties, in which case a mediation may be useful to separate responsibilities. It’s also important to consider the value of any trusts or estates involved and how that may affect the children. Sometimes, mechanisms of value meant for use later are placed into separate agreements outside of the divorce and before proceedings are finalized.
How a “Fault-Based” or “No-Fault Divorce” Affects the Resolution
If both parties agree, a “no-fault divorce” may be an amicable way to end the marriage and a path to splitting up assets reasonably. If a “fault,” such as adultery, willful absence of more than a year, or other stipulations occur, then it’s possible that the recipient of the “fault” would be entitled to more than half of the divided assets.
In any case, high-net worth adds additional complications to the divorce process. It’s important to consult a qualified Ohio divorce attorney to understand your options. Call Garretson & Holcomb, LLC to speak with one of our trusted divorce attorneys to understand the potential best outcome in your situation.