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.
Determining value of assets may require professional help
An experienced divorce attorney who has assisted with high-asset divorces before can be an excellent resource when the value of assets is in question. Whether one of you is claiming they are worth more or less than is realistic, your attorney can help clear up those issues. Working with professionals, like real estate appraisers and estate assessor, can help you create a clear, documented case for your asserted value of the marital property. Certain things, like custom built homes or valuable collections can be hard for the courts to value. A professional who specializes in the field can ensure the value is accurate.
Having a professional assessor create a comprehensive valuation of your home and its contents can help set a financial baseline for the divorce proceedings. In a high-asset divorce, you don’t want to leave these things to chance or the hope that the other party will behave honestly and honorably. If there isn’t a pre-nuptial agreement, either a judge or you and your former spouse will decide on the division of assets.
Only you can determine the emotional value of your property
When it comes to things like your marital home or other property that has long-standing emotional value to you, you will be the only one who can determine the value of those items. When dividing assets, you may need to compromise substantially to ensure that you receive certain items that have personal value to you. Your attorney can help you determine the best way to proceed when there are specific belongings from the marital assets that you desire more than money.
Dividing debts and retirement accounts can be difficult
From mortgages to credit cards, most marriages include some debts. Generally, in high-asset divorces the marriage will also include retirement accounts or investments. Because there are clear figures involved with these accounts, dividing them can seem deceptively simple. However, financial assets can be the most difficult to fairly split in a high-asset divorce case. The best way to protect yourself and your financial future is to retain the services of an experienced divorce attorney as soon as possible.