Anyone going through a divorce is going through an emotionally stressful time. However, in a high-asset divorce, the stakes are simply higher. It is a more complicated financial situation. The value of the real estate has to be appraised; businesses have to be valued; equity in real estate might belong to one spouse and partly to the other. The process is usually complicated and will take at least a year to complete.
So how does one find the best-suited Ohio high asset divorce attorney?
- Firstly, high-net-worth divorce lawyers use a variety of tools that are unique to high-asset divorces to ensure that all logical contingencies are accounted for and that the case is ready for mediation or trial if it is not resolved at mediation or before trial.
- Secondly, they need to identify more complicated business issues to handle high net worth divorces effectively. This includes determining which types of professionals will value things like business interests and multiple financial accounts and will value these assets as of the date of filing the divorce.
- In addition, they must be equipped to prepare for evidence that may be necessary to account for significant fluctuations before a final hearing and decide when the court may value the marital estate to be divided at its discretion.
- Further, a high net worth divorce typically requires consulting a tax forensic accountant or a business law attorney and ensuring that you have access to financial planners and other business experts. Therefore, it is imperative to find a divorce lawyer who can arrange all of this for you. All of these are necessary because all of the parties’ assets have to be identified and valued to maximize the parties’ lifestyle after divorce or to ensure that the divorce does not materially impair the value of the ultimate marital estate that has to be divided, such as with a family business equally owned by each spouse in the case of a divorce.
- It is possible that a divorce may have an adverse effect on a business owned equally by each spouse. To avoid a high-asset divorce, it’s imperative to discuss it with your divorce attorney from the beginning.
In your search for the best high-asset divorce attorneys in Ohio, speak with friends, family members, coworkers, neighbors, clients, professionals, and anyone else you feel comfortable asking who helped them through their divorces, conduct research, schedule a consultation with the attorney.
Attorneys and their clients should, in the end, have the same view of the case, determine what is necessary to reach the final division, and have the means/tools to prepare for it, so that, to the extent possible, the attorney can reach the client’s legal objective.