High Net Worth Divorce Attorney in Columbus, OH
Do You Have Valuable Assets You Wish To Protect?
Even in the most cordial of relationships, divorce frequently becomes contentious when the negotiations turn towards determining how to split your and your soon to be ex-spouse’s assets. This issue can become even more pronounced when the stakes are higher: substantial savings accounts, retirement funds, numerous properties, money invested in businesses or the stock market, etc. If you are planning to end your marriage by dissolution or divorce, it’s in your best interest to hire an experienced divorce lawyer to help you navigate the process in order to secure the outcome that best benefits you and your family.
Call our firm at (614) 344-4311 to speak with a Columbus divorce lawyer today.
Our Columbus divorce attorneys at Grossman Law Offices have spent more than 40 years providing families and individuals with the knowledgeable and passionate legal assistance they require during their time of need in order to maximize their bottom line. Divorce can be a complicated and headache-inducing process in the best of times, and we’re here to help you make decisions that will put you in the best position as you move on to the next phase of your life. Contact us today to discuss your case with a member of our firm and determine what your next step should be.
How Will Assets Be Divided?
There are a number of factors to consider when determining who receives what assets. While much of the process will follow the same steps as any other type of divorce, the types of assets you and your soon to be ex-spouse hold can add extra levels of complication that must be factored in. An experienced divorce lawyer can help you divide your shared assets in a fair and reasonable way.
It is important to consider and categorize everything as either separate or marital property, in order to then determine what is subject to division. Property you and your spouse acquired together over the course of your marriage may be considered marital property, which is subject to equitable division.
On the other hand, property you or your spouse were in possession of before your relationship began, or assets acquired by one of you by gift or inheritance during the marriage generally belongs solely to the person it was initially acquired by. Ohio law requires that the person asserting a claim to separate property be able to “trace” that property. Tracing can be a complex undertaking, but it’s vitally important if you wish to protect that property from being considered and divided by a judge.
Determining Spousal Support in a High Net Worth Divorce
In many high net worth divorces, one spouse tends to make significantly more than the other. In these cases, determining the reasonableness of spousal support (including the amount and duration of the support) can be complex. Ohio does not, like some jurisdictions, have a formula for determining spousal support. Some factors include:
- Each spouse’s ability to earn an income after the divorce is finalized
- How much income each spouse currently earns, from all sources
- How much each spouse contributed to the marriage. For example, if one spouse helped to pay for the education of the other
- The relative assets and liabilities of the parties, including retirement benefits
- The tax consequences for each party of an award of spousal support
- How long the marriage lasted
This is not an exhaustive list. In fact, the final factor included in the relevant statute says, “any other factor that the court expressly finds relevant and equitable”. This is where the expertise of the lawyers at Grossman Law Offices comes into play. Knowing how the Court weighs and considers each factor is extremely important to gaining an understanding how spousal support in your case will be determined.
Hire a Qualified Columbus Divorce Attorney To Handle Your Case Today
Without proper preparation, a divorce can quickly begin to feel like an unmanageable and unduly stressful situation. Our Columbus divorce attorneys at Grossman Law Offices have decades of experience and have helped countless families and individuals throughout Ohio negotiate and secure the beneficial outcome they need to move on to the next phase of their lives.
Give us a call at (614) 344-4311 to speak with a member of our firm, or fill out our online form to request a case evaluation today.