Our recent blog post about a billionaire couple disputing the valuation of an artwork collection may have seemed somewhat outside the realm of day-to-day life, even for wealthy Dayton couples. The point that we want to emphasize is not necessarily the sheer dollar amount from that case, but rather the principle that high net worth couples will have unique financial considerations in a divorce that can lead to undesirable protracted litigation if not anticipated and taken into account.
The list of things to try to plan for when separating from one's spouse may seem endless. Finances, in particular, will likely be a major element of any divorce and one that affects many other aspects in turn. Fortunately, there are a few key steps that Dayton residents can take to help ensure that their rights are not neglected during the process.
If you are contemplating divorce in Ohio, one thing you should give some consideration to is if your spouse becomes uncooperative. Sure, things may seem fine now. You and your partner have talked about ending your relationship but have been on the fence about it for some time. Whatever your reasons are for the delay, it is important for you to consider the possibility of them becoming uncooperative.
One of the concerns you may have when getting a divorce in Ohio is what will happen with your retirement accounts. Retirement accounts can often be included as property that is divided when you file for divorce. Private and government retirement accounts can be divided, but Social Security is treated differently. They are considered when making property division rulings.
When you are getting a divorce in Ohio, it is important to have a clear understanding of your financial situation. If you have not been handling the money or if you are not aware of every account you and your spouse have, then you may need some assistance. Financial experts, called forensic accountants, can suss out financial information you may not have been aware of. According to Forbes, the use of forensic accountants is very common in high asset divorce situations.
When you entered into your Ohio marriage, you probably never imagined a day might come when you would wonder whether your spouse was trying to hide something important from you. Regrettably, however, such situations arise all the time in modern marriages, and spouses sometimes take unethical actions to try and position themselves better financially ahead of a divorce. At Hartley Law Office LLC, we are well-versed in the various methods husbands and wives use to hide assets, and we have helped numerous clients uncover these actions and receive their fair share during divorce proceedings.
You have probably read stories before about celebrity divorces or other high-profile divorces in Ohio. These stories often attract a lot of attention. However, it is important to keep in mind these are real people who have emotions and who are going through a tough time in their lives. A divorce is a divorce whether you’re an average Joe or a famous actor. In fact, for those with higher net incomes and fame, it can be an even more grueling process.
When your marriage begins to dissolve and divorce is on the horizon, you may begin to wonder how the assets you and your spouse have accumulated throughout the years will be divided. Whether you have been married for one year or 20, things can get complicated when you begin separating property and assigning ownership. In order to prepare for your mediation or court case, it is a good idea to gain a better understanding of how Ohio courts divide assets.
If you have decided to dissolve your marriage in Ohio, you have likely already thought about certain things you may want to keep, including a house, car, boat or property, but there are many things that can be overlooked as couples endure the stress and fatigue of divorce proceedings. Forbes details some of the most commonly forgotten assets that can be divided.
The end of a marriage brings significant financial changes, and if you own a small or family-run business in Ohio, you may have concerns about how divorce will affect your future interests. Determining the value and proper distribution of marital assets can be a complicated and stressful process, and you should have an experienced legal ally by your side.