An Ohio divorce requires a couple to divide marital assets, including property and financial accounts. This is a complex process, both practically and emotionally, and it can be especially stressful when there are disagreements regarding what qualifies as marital assets. State law clearly defines marital assets and how they will be distributed during divorce proceedings.
Ohio residents may not have heard that, following a divorce trial lasting more than two months, an Oklahoma judge ordered a man to pay his ex-wife a total of $995.4 million in 'property division alimony." For his part, the 68-year-old CEO of a major energy firm was awarded over $2 billion in marital assets. Altogether, his post-ruling net worth is approximately $14 billion, authorities estimate.
Ohio's version of a no-fault divorce is called a dissolution. Spouses aren't required to blame one another to obtain a divorce, but there are conditions. A Columbus couple must separate and work out all the details that will affect their post-marital lives. Notice how many issues are financial ones: marital property division, spousal support and child visitation, support and custody.
It's much easier for some engaged Ohio couples to discuss wedding plans and honeymoons than it is to have a heart-to-heart talk about money. Many couples assume love is the only requirement needed to wed. While that may or may not be true for marriage, there's a lot more than emotions involved during divorce.
The ultimate mixture of money and personal relationships is marriage. Couples who divorce in Ohio divide marital property according to state equitable distribution laws. Many Columbus spouses head into divorce without knowing the difference between separate and marital assets.
Some married couples have such great wealth that a divorce is more like a separation of sovereign states than a division of property. Separate and marital property can be so complex with High Asset divorces in Ohio that formal and final separations take years.
Several issues keep Columbus spouses from settling divorces in a timely manner. Some of the most contentious are disputes over child support and custody or property division. In many Ohio divorce cases, all of these issues delay a satisfying settlement.
Spouses often trust married mates without question, up until the time divorce is a possibility. Even then, spouses may have no reason to lose confidence in one another. While many Columbus High Asset divorces are not acrimonious, many are. The reason frequently involves marital property.
Despite what many Columbus spouses believe, a marital breakup is not entirely a personal matter. Divorces are public records just like births, marriages and deaths.