Divorce is never easy because of the property that gets split, emotions that run high, and creates situations causing tension.
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However, high-asset divorces’ challenges are a lot more than any regular divorce. Division of assets and finances can be one of the most complex part that a couple will go through.
However, if you are concerned about your divorce, contact an Ohio high asset divorce attorney, which will help you explore ways to protect your assets.
Complications in a high asset divorce
Before getting into complications involved, let us know what high asset divorce is. In this type of divorce, the couple has assets, banks, and land worth more than $1 million. Additionally, they have to deal with the splitting of assets leading to hardships, even if the divorce is amicable. Here are some complications related to a high asset divorce.
While filing for divorce, you may come across an unfair settlement where your partner hides assets or transfers to someone else. At the same time, it is easier to find any hidden assets if you hire a professional and experienced attorney. The court will also charge an extra fee if they find out your ex-spouse has tried to hide assets.
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It may happen that you were earning less than your spouse, but you were living standard quality of life dependent on them. After divorce, you may not enjoy the same quality of lifestyle as you used to. This is why determining alimony is usually very complex in high-asset divorce cases.
Identifying the assets
Identifying the assets is one of the most challenging processes. Two types of property can get involved during divorce–one is marital property, and another is separate property. Before marriage, the spouse’s property is known as separate property, and it can not divide during the divorce.
Things can get complicated when the separate property is mixed with marital property.
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Therefore, it is essential to identify assets beforehand so that each spouse receives an equal amount of property during divorce.
Valuation of assets
If you have numerous assets, it becomes difficult and time-consuming for an attorney to create the exact valuation—the more the number of assets, the more complex the valuation process will be.
In high-net-worth divorces, the couples may become newsworthy to the public. It is common for celebrities, politicians, or other well-known personalities. This way, the community will want to know more about their divorce. Journalists may also start reporting their cases, and in the end, it becomes difficult to manage their private life leading to additional stress.