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.
Many individuals involved in a High Asset divorce are also business entrepreneurs. Throughout the course of their marriage, they have developed and grown lucrative business ventures. While these individuals obviously have spent considerable time planning each business move, the same planning and communication strategies do not appear to have a place in their personal decisions.
One such business entrepreneur, Michael Polsky, apparently discovered that what some may call a lack of planning for his divorce cost him approximately $184 million. Claiming irreconcilable differences, his wife filed for divorce. She argued that because she was his wife and confidante during the building of this wealth, she should be considered his partner in the business venture. Thus, she should be entitled to her fair share of the wealth. After a number of years finalizing the divorce, the judge agreed with Polsky’s wife.
The average Ohio business owner may not have assets in the hundreds of millions. However, as in any High Asset divorce, he or she will want to be sure that marital property is appropriately divided and that business assets are protected. For this reason, it would be wise to plan ahead by consulting with experienced counsel as soon as divorce becomes a valid consideration.
Source: The Huffington Post, “5 Entrepreneurs Who Lost Millions From Not Planning Their Divorce Properly“, George Beall, Nov. 15, 2016