In cases when significant assets are at stake, such as in a high-asset divorce, the process of dissolving the marriage can be very complex and fraught with pitfalls. In long-term marriages, it can be especially difficult and contentious to sort out which assets belong to each spouse. If you want your high-asset divorce to go well, it can help to follow some guidelines that will help you unravel the knots and simplify the process.
In the event that efforts to mediate a dispute outside of court are unsuccessful, you may consult with Ohio high asset divorce attorney about the various legal options.
Transitioning from A Marriage With Substantial Assets
It’s not uncommon for high-asset divorces to present complications that aren’t present in other types of divorces for the spouses involved. As a result, you should hire a lawyer with expertise in your specific area of law.
These suggestions are also worth thinking about:
- Consult with financial professionals to determine the worth of your assets and identify their independent property origin in addition to working with a seasoned attorney. Typically, lawyers who are experienced in such issues would know of relevant experts or may be able to recommend someone who can help you out.
- Avoid the temptation to conceal wealth: You may not think you have anything to hide if the assets in question are your own, but it is still important to have everything accounted for.
- Never be in a rush to call anywhere home: With all the heartache and worry that comes with getting a divorce, you might think it’s better to just give up and call it quits. Despite the fact that this could perhaps alleviate your discomfort right now, it will have undesirable long-term effects that you should not risk. Negotiating and carefully considering an agreement’s ramifications may take a bit more time, but they will pay off in the end.
- If you’re fighting for something, you should know how it can influence your taxes. Some assets carry with them significant tax ramifications. Any assets you acquire in a divorce settlement will have repercussions, and your attorney will consult with an accountant to examine those repercussions.
- If you want to be an informed participant in your divorce, it is imperative that you hire a knowledgeable divorce attorney. Everything hinges on this decision you’re making right now, and its effects may be felt for decades.