While few divorces are simple, those with significant assets to divide between spouses are generally more complex, more liable to lead to disputes, and more frequently end in litigation.
However, with skilled legal guidance from a seasoned high-net-worth divorce lawyer, it is possible to achieve a collaborative outcome that serves everyone’s best interests.
The family lawyers at Nielsen Miller Law LLC in Columbus, Ohio, are committed to settling divorce matters with as little court intervention as possible, helping you protect your wealth, business, and financial position during the divorce process.
What Is a High Net Worth Divorce?
Most high-net-worth divorces nowadays involve substantial assets worth multiple millions of dollars.
In a standard divorce or dissolution of marriage, assets typically include savings, income, the family home, as well as pensions and investments. In addition to these assets, high net worth divorces often include:
- International holdings;
- Business holdings or professional practices;
- Multiple real estate holdings, including vacation or rental properties;
- Assets or inheritances held in trusts;
- Luxury collectibles;
- Complex retirement accounts (pensions, etc.); and
- Other valuable property.
Because of the high stakes involved in such divorces, the potential for disputes over the division of property increases. This, in turn, increases the risk of expensive, time-consuming litigation.
If you have valuable assets you wish to protect, it is beneficial to seek personalized legal advice from a trusted family lawyer who is familiar with the types of assets involved and is prepared to resolve matters using alternative dispute resolution methods.
What Unique Challenges Do Spouses Face in High Net Worth Divorces?
Some of the typical challenges that couples face in high net worth divorces include:
- Complex division of marital property vs. separate property;
- The need for accurate valuations of key assets, including businesses;
- Tax implications of property division (capital gains, retirement withdrawals, transfer consequences, etc.);
- Spousal support complexities arising from the impact of high incomes during the marriage;
- The potential for hidden assets and the need for forensic accounting to ensure complete and fair financial disclosure;
- Potentially high child support obligations for a wealthy parent without custody;
- Concerns over privacy and reputation management (keeping sensitive financial matters discreet); and
The presence of marriage agreements, such as prenuptial and postnuptial agreements, can also present challenges. An attorney with high net worth divorce experience can provide guidance on the proper way to navigate these potential obstacles.
How Are Marital Assets Divided in Ohio?
Ohio is an equitable distribution state, meaning that marital assets are divided fairly, not always equally.
A 50/50 asset split is possible in some long-term marriages, where each spouse has contributed approximately equally to the marriage and no marriage agreement states otherwise. Still, fairness is more important than equality during property division in Ohio.
You will need to create a complete list of assets and debts and decide what constitutes marital property and what is separate property.
Marital and Separate Property
Property acquired by either spouse during the marriage is generally considered marital property and subject to Ohio’s equitable division rules.
Any property you or your spouse owned before the marriage began, or assets acquired during the marriage but intended only for one spouse, such as gifts or inheritance, is considered separate property, not subject to the property division rules.
Sometimes, disputes arise over what constitutes marital and separate property, as well as other divorce matters. It is essential to seek seasoned legal guidance if this is the case.
How Does Spousal Support Work in a High Net Worth Divorce?
Spousal support may be another point of contention in high net worth divorces. Often, one spouse earns significantly more than the other, with the lower-asset spouse requiring financial support to transition to a self-sufficient life, especially after a long marriage.
In determining the amount and duration of spousal support, the Ohio courts will consider the following factors:
- The length of the marriage,
- The age and health of the spouses,
- Each spouse’s ability to earn an income after the divorce is finalized,
- The total income currently earned by each spouse,
- The contributions (financial and otherwise) of each spouse to the marriage,
- The total assets and liabilities of each party,
- The tax consequences for each party, and
- Any other relevant factor(s).
A knowledgeable and experienced lawyer can help you advocate for a fair and equitable support arrangement.
How Can Matters Be Kept Private in High Net Worth Divorces?
If a divorce is decided in court, the matter becomes part of the public record. The best way to keep affairs private is to resolve matters through negotiation or other alternative dispute resolution methods.
Litigation should generally be a last resort, as it is time-consuming, expensive, and removes the decision-making powers from the spouses.
Negotiation
If spouses cannot negotiate an acceptable separation agreement, which is often the case in high-net-worth divorces, collaboration between lawyers may be the next step. A series of informal meetings is typically held to address outstanding issues and attempt to resolve them.
Mediation
In mediation, a neutral third party facilitates discussions aimed at resolving outstanding matters. However, spouses decide whether to accept any proposals put forward as solutions.
Arbitration
During arbitration, a qualified arbitrator hears evidence from both sides and issues a legally binding decision on the outstanding divorce matters. Spouses agree beforehand to abide by the decisions made.
Get the Help You Need with a High Net Worth Divorce in Columbus, OH
High net worth divorces often require experienced, personalized legal help to ensure matters are resolved in a timely and equitable manner.
At Miller Nielsen, a high net worth divorce attorney will guide you through the necessary processes and legal procedures, protecting your rights, explaining the requirements, and serving your best interests.
We have experience in handling multi-million-dollar estates, a strong network of financial and family law experts to call upon, and we are skilled negotiators and trial lawyers.
FAQs
Will My Spouse Get Half of My Business?
Not necessarily. In Ohio, a business that was started or has grown during the marriage may be considered marital property, but its division depends on valuation, contributions, and fairness. Courts can award a share of value without forcing a sale. Skilled legal representation helps protect your ownership and long-term interests.
What If I Suspect My Spouse of Hiding Assets?
If you believe your spouse is concealing income or property, Ohio courts can order full disclosure, with forensic accountants and discovery tools to help uncover hidden assets. Seek the help of an experienced attorney to ensure transparency, protect your rights, and ensure a fair division of marital property.
Does It Matter Whose Name Marital Assets Are In?
In Ohio, the name on the title doesn’t determine an asset’s ownership in divorce. What generally matters is when and how the asset was acquired.
Contact Nielsen Miller Law LLCtoday for a confidential, 30-minute consultation or call us at 614-505-5555 to discuss a high net worth divorce in more detail and to learn how our experience and resources can work for you.
