These are called high asset divorces. A high asset divorce is typically one that has $1 million in liquid assets, not including real estate or closely-held businesses, although these are subject to distribution.

In any divorce, the two main issues that need to be addressed are property division and alimony. This is especially true in the context of a high-net-worth divorce. While not every spouse is entitled to alimony, it is common in high asset divorces, since there is typically one breadwinner (although both spouses could potentially be high earners). 

Ohio is an equitable distribution state, which means that the courts will attempt to divide your marital assets in a fair and equitable manner. A marital asset is any type of property that was acquired during the marriage. This could include a large number of assets, which could make a divorce of this nature extremely messy.

The good news is that you can make things easier with proper preparation. By knowing what to expect ahead of time and avoiding common mistakes, you can get through a high asset divorce with minimal conflict. Here are some tips to help you prepare for the process. 

Get a Good Idea of Your Marital Assets

It’s common in marriages with significant marital assets that only one spouse is aware of their financial situation. One spouse is commonly left in the dark. Don’t be in this situation. If you do not have complete and detailed information about your marital asset portfolio, start taking the appropriate steps now to document your financial situation.

You can start by physically documenting your assets through bank statements, sales receipts, photos of household items, and any other documentation you can find. Have financial documents on hand, including tax returns and loan documents. 

You can also hire a financial expert to help you document your marital assets. It would also be good to have a business valuation expert on hand to analyze the worth of a business and appraise any real estate, valuable art, antiques, and collectibles.

Work with your lawyer to get a comprehensive inventory of all your assets. Once you do that, your lawyer can classify each asset as community or separate property and advise you of the legal consequences of splitting the property. Sometimes it can be hard to tell if property, particularly money, is separate or marital, as funds can sometimes get commingled. A forensic accountant can help trace the origin of funds.

Look for Any Hidden Assets

Hiding assets is illegal in a divorce, but many people still do it. They may conceal property in order to keep it from getting split in a divorce. They may think their spouse will never know, but a forensic accountant can help locate missing assets. 

Signs of hidden assets include closed bank accounts, transferring assets into your children’s names, and deferring promotions or bonuses until after the divorce. If you think your spouse might be hiding assets, let your lawyer know right away.

Choose Mediation

High asset divorces don’t have to be contentious. You don’t automatically have to go to court. If you wish to resolve your divorce matters in mediation, you should certainly try to do so. Mediation can be especially helpful if children are involved. It can resolve all issues associated with a divorce, so even if your divorce is more complex, you can at least try to mediate first and see how far you go. Mediation allows you to maintain control as you resolve issues regarding asset division, alimony, child support, and child custody. Mediation can also help you save time and money.

Understand Taxes

Splitting assets often comes with tax implications, especially if you are splitting retirement accounts, real estate, and other investments. You will likely have to pay capital gains taxes when you sell assets and make a profit. This is especially common with marital homes. While you should sell your home if you don’t want it or can’t afford to keep it, you need to be prepared when tax time rolls along. 

Understand the Complexities of Child Support and Divorce

All states have guidelines for determining child support amounts in a divorce. However, this is for those who earn traditional incomes. When a person earns seven- or eight-figure incomes or has non-traditional income sources such as commissions, bonuses, and stock options, it can make things complicated. Plus, state guidelines have an upper income limit and are not designed to cover every possible financial scenario.

Also, children of wealthy families tend to have higher extraordinary expenses than other children, so that can create a lot of disagreement between divorcing parents. Therefore, courts often need to get involved to review each situation on a case-by-case basis and determine how much child support should be paid based on income and expenses for the child. 

The same applies for alimony. Alimony may not be an issue if both parties are high earners. However, if one spouse is a multi-millionaire and the other does not work or earns a much smaller income, then alimony will likely come into play. In many cases, these are paid as lump sum amounts. Many celebrities have paid out tens or even hundreds of millions in dollars to ex-spouses, so keep that in mind.

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A high asset divorce is not your typical divorce. Everything is more complex and there’s a lot more at stake.

Streamline your divorce with help from the Ohio high asset divorce attorneys at Lawrence Law Office. We know the laws involved and will help you prepare, and our unique blend of business law experience and family law experience will help you avoid mistakes along the way.  To schedule a consultation, call (614) 228-3664 or fill out the online form.

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This complexity, combined with heightened emotions, means that mistakes are common in a high asset divorce. You need to make sure you avoid mistakes, as this can affect you in many ways, particularly financially. If you rely on emotions or advice from parties who are not knowledgeable about your situation, you could end up getting shafted in your divorce. Here are some mistakes you should avoid so you can protect yourself in a high asset divorce. 

Getting Advice From Family and Friends

It’s nice that your loved ones care about you and want to give you advice. However, your friends and family members are likely giving you incorrect information. Do you really think they know about Ohio divorce law? Even if they have been divorced before, a high asset divorce is much different from your average one. There are a lot of assets involved and you and your spouse are likely fighting over everything. Plus, it’s very unlikely that even your close relatives know all the details of your financial situation. It’s great to have friends and family for emotional support, but keep it at that. Don’t take their advice. 

Not Keeping Financial Records

In order for your lawyer to best help you and protect your interests, they need accurate financial information. This is where good recordkeeping comes in. If you don’t have records of all your assets and debts, it’s going to be hard for your team of experts to advise you. One of the first things your lawyer will ask for is financial paperwork, so be sure to gather everything they need. If you can provide as many documents as possible, that makes your lawyer’s job much easier.

Keeping the Marital Home

Many people have an emotional connection to the marital home. It’s where they raised their family, so it holds a lot of happy memories. It’s seen as a source of stability. However, keeping and maintaining a home is very expensive. There are expenses such as mortgage payments, homeowner’s insurance, property taxes, utilities, and maintenance costs. Can you afford to keep the house? Have a conversation with your lawyer to see what they think based on your income.

Not Living in Reality

It would be nice to continue on with the standard of living you enjoyed while married. In some cases, there are enough assets for both spouses to live comfortably after marriage. But in some cases, there simply isn’t enough to support two households. The expenses increase while the income stays the same. It’s important to be realistic about your financial situation. Don’t have high expectations and end up ruining your finances. 

Negotiating Too Quickly

Many people negotiate quickly because they want to move on. They don’t want a long, drawn out divorce. They want to finalize it as quickly as possible. However, by negotiating too quickly, you lose out. Your spouse will end up getting the bigger portion of the assets.

Before you negotiate a settlement, you need to have clear goals as well as a full understanding of your family’s financial picture. Look at all the financial documents you have gathered. Take a look at the comprehensive list of all your assets and debts. Assess your income and create a budget. 

Don’t negotiate before you have all the necessary information. Remember, you have a lot at stake. Once there’s a settlement in place, you have to move forward. You can’t back out, so don’t make decisions you’ll regret later on. 

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If you are involved in a high asset divorce, you know there’s a lot at stake. Don’t try to handle it on your own or get advice from family and friends. You may think they’re looking out for your best interests, but they could unintentionally steer you wrong. 

Seek legal help from the Ohio divorce attorneys at Lawrence Law Office. We understand how complex these situations can be. Schedule a consultation with our office today by calling (614) 363-0752 or filling out the online form.

The post <strong>Financial Mistakes to Avoid in High Asset Divorce </strong> appeared first on Lawrence Law Office.

While doctors do their best to prevent mistakes when treating patients, they often don’t take the same care in their divorce. They make serious mistakes that affect their medical practice as well as any children for many years. 

A physician divorce comes with unique challenges. These divorces are different in many ways. Doctors need to know how to make the right decisions. Here are some of the biggest mistakes that doctors make.

Hiring the Wrong Lawyer

Sometimes doctors hire the wrong lawyers to take on their divorce cases. They often look to corporate counsel, which is inappropriate. They may also hire lawyers who have no experience working with doctors. Physicians need experienced lawyers who can identify the marital and separate property as well as properly value all their assets. This is extremely important, as doctors often have many complex assets, such as professional practices, business entities, real estate, limited partnerships, employment benefits, retirement funds, IRAs, 401ks, stock options, and profit-sharing plans.

Ignoring Deadlines and Requests

Lawyers need help from their clients from time to time. They may need certain documents or information in order to file paperwork on time. There are laws and deadlines involved. If doctors disregard them, it makes the process more difficult. Doctors need to respond to requests in a timely manner. 

Not Getting a Confidentiality Agreement

Physicians often fail to obtain a confidentiality agreement to protect all confidential and proprietary information related to medical practice. Having such an agreement can limit the disclosure of information, such as patient lists, except to lawyers and consultants or experts retained by the counsel. By having a confidentiality agreement, the doctor can limit the confidential and proprietary information by a valuation expert retained by their spouse.

Assuming That Marital Property Will Be Split Evenly

Physicians often assume that property will be split 50/50. However, that is not always the case. Because doctors often earn much more than their spouses, there are many factors at play, such as:

• Differences in the spouses’ earning power
• Health and ages of both spouses
• Education and employability of both spouses
• Earning power and business opportunities
• Marital debts
• Need for future financial support
• Needs of the children
• Tax consequences of the marital assets
• Expected inheritance
• Fraud on the marital estate
• Attorney fees

Not Properly Valuing a Medical Practice

Doctors tend to understate or overstate their medical practice. Valuation is a hotly contested issue, which is why doctors should work closely with their lawyers and valuation experts to obtain the proper value. There is personal goodwill and commercial goodwill to consider. Personal goodwill is based on an individual’s reputation, experience, and ability, and it attaches to the physician. Personal goodwill is not divisible in a divorce. Commercial goodwill relates to an entity’s reputation and its ability to attract and retain patients. Commercial goodwill is divisible in a divorce.

Avoiding Full Disclosure

Physicians often disclose limited personal or business information, which can negatively affect their divorce. When they fail to disclose all of their bad conduct up front, this can have devastating consequences. Such damaging information can include the existence of an affair, problems with the practice, or alcohol or drug problems. When a lawyer is aware of such damaging information, they can deal with it early on in an appropriate manner. When the information comes out in court, it’s too late.

Not Being an Active Caregivers of Their Children

Physicians often work long hours and are very busy. They tend to leave the childcare duties to the other spouse, which means they will likely be the custodial parent. When physicians have custody, it becomes a balancing act because they are not used to dealing with childcare duties and coordinating these duties with babysitters or nannies. Doctors need to keep this in mind and learn how to make plans accordingly so they can balance their kids with their careers. 

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Anyone can get a divorce, and doctors are no exception. However, these divorces are often complicated due to the amount of assets involved.

No matter your profession, if you have a lot of assets that you want to protect in a divorce, seek legal help from the Ohio high asset divorce attorneys at Lawrence Law Office. We understand the unique issues involved. Fill out the online form or call (614) 363-0752 to schedule a consultation with our office.

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Bank accounts, stocks, and bonds are often hidden in a divorce, but they can be tracked easily. Crypto? Not so much, because it cannot be confiscated like these other assets. This has led to

concern in high asset divorces. There are many cases in which one spouse is actively participating in the cryptocurrency market, while the other spouse might have minimal expertise of the various aspects of the cryptocurrency investment.

Those who bought Bitcoin and other cryptocurrency in the early stages are now likely very wealthy. If their spouses don’t know about their purchases, then they may try to hide it so it’s subject to split in a divorce proceeding. This is, of course, illegal, but many people try it anyway. While full disclosure of assets is required in a divorce, many take the risk and fail to disclose crypto.

Getting caught hiding assets can result in fraud charges and the penalties that come with it. So while many people don’t willingly hide cryptocurrency and other assets, it does happen from time to time. And if a person does want to be spiteful and hide assets, cryptocurrency is a good choice because it’s a hard asset to track and prove ownership. That’s because it’s not tangible in any way, shape, or form. It is a solely digital asset that cannot be counterfeited due to high levels of encryption. It is also decentralized, which means there are no banks involved. Cryptocurrency can exist independently of governments and other authorities.

In the past few years, cryptocurrency has grown significantly in popularity. There are currently more than 15,000 cryptocurrencies in circulation, and more are created on a daily basis. The two most important ones are coins (which include Bitcoin) and tokens, which are programmable assets stored in a blockchain. A blockchain refers to the platform that brings together the coins and tokens. Blockchains store and maintain different types of information in blocks that are linked together through the use of cryptography, which is the process of writing codes. 

If this sounds complicated, that’s because it is, which is why many people opt to invest in it (and hide it in a divorce). Bitcoin is a high-end product that is highly technical and sophisticated. It is an excellent investment choice, as funds may be moved quickly and easily. It can also be traded in large quantities, with millions of dollars able to be sold or laundered in mere minutes. 

Bitcoin is not like making a deposit into a bank. Because of the anonymity involved, it’s challenging to trace, making it attractive to many people. It is an effective technique for concealing assets in high net worth divorces, as asset records cannot be collected from any financial institution or court order. There are no bank statements or any type of paper trail associated with these assets.

Hiring an Expert

If there is the possibility that cryptocurrency is hidden, the simplest solution is to get the spouse to admit to holding cryptocurrency and then negotiate a settlement. Barring this, forensic experts will be needed. It is possible that the spouse may have transferred funds or purchased or traded cryptocurrency on other exchanges. An expert will be needed to track transactions through wallet addresses and record the value of each transaction. This creates a money trail and can reveal what happened during each cryptocurrency transaction. However, such a search is not cheap, costing thousands of dollars. The benefits need to outweigh the risks. 

A search warrant will likely be needed to perform searches on electronic devices. The experts will be looking for Bitcoin wallets, which operate similar to bank accounts. Any Bitcoin detected on an exchange can be blocked and seized by law enforcement. 

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Hidden assets are common in high net worth divorces. With cryptocurrency becoming more and more popular, lawyers and courts are becoming more savvy to how spouses are hiding it.
High asset divorces are complicated for many reasons.

Get the help you need from the Ohio high asset divorce attorneys at Lawrence Law Office. We offer a unique blend of business law and family law experience to ensure our clients are well-represented during their divorce. Fill out the online form or call 614-228-3664 to schedule a consultation with our office today.

The post <strong>Cryptocurrency in High Asset Divorces</strong> appeared first on Lawrence Law Office.

But their announcement also stated that the divorce was already finalized. Wow, that was quick, you might think, especially with so many assets at stake. Brady is allegedly worth $333 million, while Bündchen is worth even more, at a whopping $400 million. Plus, they have four lavish multi-million-dollar homes together, worth more $26 million in total. They include a $17 million mansion in Miami, a $5.7 million Montana estate, a $3.6 million New York City condo, and a vacation home in Costa Rica.

But Brady, 45, and  Bündchen, 42, were able to come to an amicable agreement on their vast fortune, custody arrangement, and property division. Brady had officially retired from football but decided to come back to the sport earlier this year, which no doubt led to the divorce as  Bündchen tried to put her family first, which includes two children, ages 9 and 12. Although the split has been devastating for both parties, both are ultimately happy with the way things have worked out and are ready to move on.

While not all details have been released, the former couple agreed on joint custody and dividing their assets. They plan to co-parent and keep things drama free for the sake of the children. Brady’s 15-year-old son from a previous marriage is not involved in the divorce case, as Bündchen has no blood or legal ties to him, as she never formally adopted him. 

While things have been amicable in the Brady-Bündchen divorce case thus far, this is far from normal. Typically, when there is so much money and assets at stake, there is a lot of drama. Couples with a high net worth tend to face a lot of challenges in a divorce, which is why they should have conversations about asset division and financial planning. Here are some things that financial advisors and high net worth individuals should be aware of when protecting their assets.

Make Sure Assets Are Titled Correctly

See how assets are titled. Are they individually or jointly held, or are they in a trust? This can determine if they should be split. It’s important for couples that an asset that was held separately before marriage can become a marital asset if the other party uses it during marriage. An example would be a house. This means that the other party can stake their claim on an asset in the event of a divorce.

Get a Prenuptial or Postnuptial Agreement

Those with a net worth of millions of dollars don’t want to lose everything in a divorce. After you have achieved professional success, you want to hold onto your assets in the event your marriage doesn’t last. In the case of Brady and Bündchen, they got married after experiencing years of individual financial and professional successes. They came into the relationship with their own high-value assets. They likely had a prenuptial agreement, which would explain why their divorce was finalized so quickly and easily. A prenup outlines asset division based on what the couple agrees to, rather than state law. It’s never too late to get one — you can also use a postnuptial agreement after you get married. 

Review Your Estate Plan

After a major life change such as a divorce, remember to take a look at your estate plan. A lot has probably changed since you last updated it. In Brady’s case, he has a child from a previous marriage plus two children with Bündchen, so he would want to ensure that all three children are included in his plan and that Bündchen is removed from it. Estate plans, including wills, investment accounts, and insurance policies, all need to be updated accordingly. Marriages and divorces can bring about complications, so it’s important to make sure everything is in writing. Verbal agreements won’t hold up in court, so don’t rely on them in the event of your death.

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High-asset divorces are much more complicated than your typical divorce. There is typically a lot of money, properties, and other assets at stake. Splitting everything fairly can be quite a challenge. 
The Columbus divorce attorneys at Lawrence Law Office can help you handle all the issues involved, including tax consequences, child custody and support issues, alimony concerns, and more. We have a team of experts who can assist in these challenging cases. Schedule a consultation with our office by calling 614-228-3664 or filling out the online form.

The post What to Learn From Tom Brady and Gisele Bündchen’s High Asset Divorce  appeared first on Lawrence Law Office.

When both spouses have retirement accounts, the combined balances should be considered along with all other assets. Ideally, it’s best to not have to split retirement assets, especially if each spouse has their own accounts. If you do decide to split your retirement accounts, you will need a qualified domestic relations order (QDRO).

Divide Retirement Assets Using a QDRO

A QDRO is required to split a 401(k) or pension in a divorce. It is an order issued by a court or state agency that creates or recognizes the right of an alternate payee to receive all or a portion of the benefits payable under a retirement plan. It has to be done under a domestic relations order, which means it is typically done in a divorce for the benefit of a spouse or child.

There are two ways to divide retirement assets using a QDRO. One way awards a separate interest in the account balance, while the other allows a divorcing spouse to share in the payment of the benefits. Drafting a QDRO can be expensive, so work with your divorce attorney and plan administrator so you include the right language. At a minimum, a QDRO must contain the following:

• Name and mailing address of the participant and alternate payee 
• Name of each plan to which the order applies 
• Dollar amount or percentage of the benefit to be paid to the alternate payee
• Number of payments or time period to which the order applies

Once both parties agree to the terms, the account owner gives the document to the plan administrator.

The process is often complicated. The rules for splitting retirement assets differ based on the type of retirement plan. Plus, transferring retirement funds to a former spouse can have serious tax consequences if done incorrectly.

In terms of retirement plans, a 401(k) is the easiest to split because the account value is known. If one spouse has a 401(k) worth $100,000, the couple could agree in the QDRO to split the account equally. This means $50,000 of the 401(k) balance can be transferred directly to the other spouse’s IRA without incurring any taxes or penalties. If the recipient spouse pockets the money instead, they will owe income tax on the money. In either case, there is no 10% penalty for early distributions.

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Retirement accounts may be a person’s largest asset. These assets are also difficult to divide in a divorce, so it’s important not to handle these issues on your own.

Seek legal help from the Ohio high-asset divorce lawyers at Lawrence Law Office. We can connect you with the right resources so you can effectively handle your retirement assets in a divorce. Call our office at 614-228-3664 or fill out the online form to schedule a consultation.

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What will happen to the Business?

Often, the highest-valued asset in divorce is the business of one of the parties, or that the couple owns together. The answer to this question will depend on the specific facts of a case. Businesses can be considered separate property, marital property, or a combination of both. It is critical to work with an Ohio high asset divorce attorney who can determine which portion of the business is considered marital, and advise on how it may be divided, if at all.

Will I Have to Pay More Support?

Spousal support, otherwise known as alimony, and child support are two of the most contentious issues during a high asset divorce. Like all questions, the answer really depends on the specifics of your case, but there are some general guidelines you can follow. If you are the higher earner, it is not unreasonable to expect to pay a higher than average amount of spousal support or child support.

Calculations for child support are made using a statutory formula, which does consider the incomes of each party. If you earn a higher income, the order may be significantly higher than the amount outlined in the formula. While there is no statutory formula for spousal support, there are certain factors considered that widely vary from case to case.

What are Tax Considerations in a High Asset Divorce?

The assets divided during property division hearings are not immediately subject to taxes, but there are sometimes certain factors to take into account. Certain assets will face specific taxes in the future and so, it is important to know what these implications are. For example, retirement funds of substantial amounts are often a part of high asset divorce cases. If these are withdrawn at a certain time, there may be penalties associated with it and a portion of the funds may be considered taxable.

It is critical to work with an Ohio high asset divorce lawyer who has the necessary experience with taxable assets and their division during divorce. Only then can you make informed decisions about your goals and what is most valuable to you.

Do I Need to Work with a High Asset Divorce Lawyer in Ohio?

You are never required to work with an attorney when going through a divorce. When a case involves high assets or a high net worth though, it is highly recommended that you work with an Ohio high asset divorce lawyer. At Lawrence Law Office, our seasoned attorneys have extensive experience with these complicated cases and can answer all of your questions while helping you obtain the fair settlement you deserve. Call us now at 614-228-3664 or contact us online to schedule a consultation and to learn more.

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Just like any divorce, the parties involved will have to identify marital and separate property. However, this can be tricky in a high asset divorce, since there are so many complex assets involved. 

High-asset divorces are a lot more complicated than your typical divorce. Here are a few reasons why.

Experts Are Needed

In a high asset divorce, there are a lot of assets involved that need to be properly valued. This requires the use of experts. Also, when there is a lot of money and property at stake, there is the chance of one party hiding assets. Because of this, a forensic accountant may be needed to look for hidden assets. Various other experts may be needed for this kind of divorce, depending on the assets involved. 

Prenuptial Agreements Are Common

When there is a lot of wealth involved, the parties will want to protect what they bring into a marriage. That’s why high asset divorces often have prenuptial agreements. These legal documents outline who gets what in the event of divorce. While that should make things easier if the marriage does end, there are cases in which one party may contest the agreement, creating a lengthy legal battle. 

Commingling of Property

A person’s separate property can become marital property based on how it is treated during the marriage. While this can happen in any marriage, high asset divorces may have businesses and more complex assets, making property division more complicated than ever. 

More Tax Consequences

The more money and assets you have, the more you can expect to pay taxes. While you can distribute assets to the other tax-free during the divorce, there may be implications after the divorce has been finalized. The amount of taxes you pay can differ based on the timing of your divorce, so contact a tax professional to learn more about how you will be affected.

More Child Support

If you have minor children, expect to see high amounts of child support at play. While Ohio has child support guidelines, they are meant for lower-income families. When there are millions of dollars at stake, you could be paying tens of thousands of dollars every month in child support. Make sure to keep this in mind when you are splitting assets.

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High-asset divorces have a lot of assets involved and can be highly complicated. Don’t attempt to handle one on your own. Make sure you get the right legal help on your side. 
The Ohio divorce lawyers at Lawrence Law Office have the necessary experience and expertise to advise you with your divorce case, no matter how complex it is. Schedule a consultation with our office today by filling out the online form or calling 614-228-3664.

The post What Constitutes a High Asset Divorce? appeared first on Lawrence Law Office.

Suddenly things seem as though they are falling apart. What will happen to your business? Will the ex-spouse get half ownership? Will you be forced to sell your business?

It’s understandable that you are concerned. After all, your partner’s wife is entitled to part of the business under Ohio divorce laws. The spouses may come to a decision on their own, but if they can’t come to an agreement, then it’s possible the court will have to decide. 

So what does that mean for you? Here are some things you should do if your business partner is getting a divorce.

Learn How the Business is Involved

Was the business formed before the marriage? If so, then it may be considered separate property, but not if the partner’s spouse helped with the business. Did she work as an employee? Did she contribute money to the business? More than likely, she did, but if she was totally hands-off, then that might be good news in how the business is handled in a divorce. 

Get a Business Valuation

It’s important that you know how much your business is worth so that if something does happen to it, you and the other partner are getting your fair share. A valuation is done by assessing all the assets and liabilities of the business. This may require a business if your business is well-established.

Understand Your Involvement

As a business partner, you may be required to provide some sort of testimony in the divorce case. Figure out how much your partner owns in the business and whether or not there are shares involved. If a valuation is listed, make sure it is correct. That way, you can get an idea of what your partner’s ex-spouse can expect to receive.

See if there is an Agreement in Place

A legal document can work to your advantage. Does your partner have a prenuptial agreement? If so, then it likely outlines what will happen to the business in the event of a divorce. Are there shares or retirement benefits involved? Does the other spouse even have a right to the business? 

An agreement could also include a contingency plan. These agreements outline what will happen in the event that something unexpected like a divorce happens. The contingency plan should outline the rights of all the parties involved (including the spouses). In addition, everyone involved should sign the document to show they are in agreement. 

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If you own a business and aren’t married, then you don’t have to worry about divorce. But if your business partner is married and going through a divorce, then things can get complicated.

This can be an emotional time. What will happen to the business you worked so hard to grow? The Ohio business owner divorce lawyers at Lawrence Law Office can address your concerns and help you protect your business. To schedule a consultation, give us a call at 614-228-3664 or fill out the online form.

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A high asset divorce may include multiple properties, businesses, investments, stocks, retirement accounts, vehicles, jewelry, artwork, and furniture. All these assets can prove difficult to sort out, and with these assets often come prenuptial agreements and different strategies for alimony and child support. If not handled properly, you could make a lot of costly mistakes in a high asset divorce. Here are some things to avoid.

Getting in a Hurry

You may just want to get your divorce done and over with. While that’s understandable, you have to keep in mind that if you settle too quickly, you could lose out on significant money and assets. Take the extra time to ensure that you are getting what you deserve in the divorce. It will be beneficial.

Not Thinking About Taxes

Sure, you may be excited to get the marital home, but have you considered the taxes involved? Keep in mind that you will likely have to pay taxes on many of the assets you acquire in a divorce. Therefore, you should talk with a financial professional before you accept anything. The tax implications might not make it worth it. 

Hiding Assets

When a couple has so much marital property, one spouse may think nothing of hiding an asset or two. Who will notice? Somebody will notice eventually, as there will be forensic accountants and other experts who will be evaluating your divorce case. All assets have to be disclosed in divorce and even an accidental nondisclosure can have ramifications. It’s actually a crime, so you could face severe penalties, including jail time. It’s not worth it, so be upfront and honest with your assets. 

Not Hiring a Lawyer

High-asset divorces are highly complex. There’s no way you can handle one on your own, even if you think you have a significant amount of legal knowledge. A family law attorney has experience handling these types of cases. They can determine what is marital and what is separate property. The right lawyer has access to experts who can evaluate your assets and ensure that the property division is fair to you. 

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High-asset divorces come with a lot of complications. There are typically complex assets involved as well as prenuptial agreements. 
While high asset divorces are still governed by Ohio law, they are not easy to deal with and often require different strategies. The Ohio high asset divorce lawyers at Lawrence Law Office can help you deal with the considerations involved. Contact our office 24/7 to get started. To schedule a consultation, fill out the  online form or call 614-228-3664.

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