When you are getting divorced in Ohio, there are certain rules in place to help ensure that the division of marital assets is fair. Ohio is an "equitable distribution" state, referring to the language in the laws in Ohio surrounding divorce. Equitable distribution means that you and your former spouse each own whatever you earned during the course of your marriage. Items you purchase and own, such as a home, may only be in one of your names. However, during a divorce, a judge will determine what is marital property and should therefore be divided in the divorce.
Divorce is a complex, often messy process. Emotions run high. Each of the former spouses wants to know that he or she is receiving a fair portion of the marital assets. In some cases, however, strong emotions lead to bad behavior. One spouse might attempt to hide assets. Alternatively one spouse could attempt to seek more in the divorce than they are entitled to. In any situation where the value and division of assets are contested, working with an experienced Ohio divorce attorney is critical. An experienced divorce attorney can help ensure the division of assets is fair and agreeable for everyone.
Divorce can be expensive. It can be expensive emotionally and well as financially. However, while the majority of Ohio residents spend months or even years planning for their wedding, most do not put in the same time and effort in planning for their divorce. This lack of planning can prove to be costly when it comes to dividing marital assets in a high\-asset divorce.
In Ohio and across the country, finances are one of the main concerns of people facing divorce. Indeed, money can be the source of some of the most difficult and complex of disputes. When one party is fighting for every dollar and employing various tactics to keep money away from the other spouse, it makes good sense to secure the help of a lawyer experienced in high\-asset divorce and complex property division. With the right help, it's possible to protect one's financial interests in a contentious divorce.
The end of a marriage can be complicated, especially when it comes to matters such as finances and spousal support. While these matters alone can be difficult to navigate, it is particularly important for Ohio readers to consider the tax implications of any agreements made in a high\-asset divorce. The highly publicized divorce of Johnny Depp and Amber Heard illustrates this important point.
Financial concerns are among the most common cited by Ohio couples who are considering divorce. Post-divorce money worries are normal, especially for couples who have been married for a significant amount of time. Baby Boomers, older and closer to retirement, must be particularly vigilant regarding the division of marital assets and property during a divorce.
If you've decided to get a divorce, you may be wondering what's involved, and how long the process will take. The answer depends in part on how complicated your divorce is--divorces involving children, multiple properties and retirement accounts where the couple had been married for decades, for example, will likely take longer than a divorce where the couple had been married only a short time and didn't have many assets.
When people decide to dissolve a marriage, there are invariably many difficult issues they must confront, such as asset distribution. In a high-asset divorce, however, there are generally unique circumstances to consider that are not present in regular divorces. Readers in Ohio who are facing this type of dissolution may be interested in a recent article regarding the divorce proceedings of billionaires Harry and Linda Macklowe.
Some Ohio residents will be faced with a high-asset divorce in the coming year, and it is worth considering how these types of divorces differ from average divorces. A high-asset divorce is similar in many ways to other divorces, except for two main differences. Obviously, the first reason is that there is significantly more money involved and at stake. Secondly, the level of complexity can be much greater. In situations like the one facing billionaire Elon Musk and his wife, Talulah Riley, the appropriate division of assets could take an exceedingly long time and involve entire legal teams.
Ohio readers know that divorce is complicated, especially when a couple has significant wealth or assets. This is why it is important for couples to consider the benefits provided by a prenuptial agreement. While this is a common practice for wealthy couples, couples of all income levels can benefit from the protection of a prenuptial agreement. In case of divorce, this legal agreement will determine how marital assets will be divided as well as how to settle other divorce matters.