While the whole process of getting a divorce is complicated enough, a high-asset divorce is more complex as there is much at stake. More often than not, high-asset divorces in Delaware take more than a year to complete, mainly because there are aspects like real estate, businesses, and other marital properties to sort. If your divorce is likely to be a more intricate one for similar reasons, consider talking to a Delawre high asset divorce attorney. Here’s more about ending your marriage in Ohio.
The basic laws
Like most states, Ohio allows for equitable distribution of assets. In simple words, that means that assets and debts are usually equitably distributed between the spouses, which doesn’t always mean an even split. If your spouse is the one earning significantly more than you, the court may consider your case for distributing assets. How the couple behaved during the course of the marriage could be a critical factor too.
Certain assets are also complex and hard to divide, especially real estate and business assets. If you own a business, you don’t have to sell it off to get a divorce, even when your spouse is entitled to a percentage. This also depends on the liquid assets you own. With limited cash, the division of assets can be more challenging, which may require selling a few.
Because high-asset couples have different interests, spouses often try to hide their financials. It is common for high-asset divorces to go into the extensive mediation process. Mediation allows the separating couple to come to an agreement instead of relying on the court.
Get an attorney
Before you initiate the process, you may want to discuss the aspects with an attorney. Find a skilled attorney who specializes in family law and has handled high-asset divorces in their career. They will start by explaining your rights and evaluate what assets belong to you and the others that will be treated as marital property. If you owned something before the marriage or inherited assets from your family, those are your assets. All of this can be confusing, which is why hiring a lawyer makes the most sense. A high-asset divorce requires more insight, and there are several ways to resolve conflict to avoid litigation, and your lawyer will work to protect your rights.
Just because yours is a high-asset divorce doesn’t mean it has to be a long-drawn process. Talk to an attorney to know more.