Protecting Your Future: High-Asset Divorce In Columbus
When you have built significant wealth, a high net worth divorce can easily become contentious because the stakes are so high. Protecting your future requires a precise understanding of your financial landscape and the legal process. Finding an experienced high-asset divorce lawyer who can help you understand your options and protect your rights and interests is critical.
Baker & Wick LLC is an established family law firm in Columbus. Our attorneys bring more than 40 years of combined experience to help clients with these complex, high-stakes scenarios. Our lawyers are responsive, provide one-on-one service and are committed to offering realistic expectations and mindful costs for the legal services you need.
How Are Assets Divided In An Ohio Divorce?
Ohio is an equitable distribution state. This means the court must divide marital assets fairly, but not necessarily equally. Separate property, which generally includes assets owned before the marriage or received as a gift or inheritance, is not subject to division.
However, tracing the origins of separate property can be complex, especially when assets have been commingled during the marriage. Understanding and applying Ohio property laws is crucial to securing a fair outcome in the division of property in your divorce proceedings.
What Makes A High-Asset Divorce More Complicated?
A complex high-asset divorce involves substantial wealth, making the accurate identification, valuation and division of assets particularly challenging. We routinely handle cases involving:
- Business interests: Valuing a closely held business or professional practice requires specialized resources to determine the true worth.
- Real estate holdings: This may involve multiple properties, commercial real estate and investment properties.
- Investments and stocks: Complex portfolios, stock options and other financial instruments demand thorough financial scrutiny.
- Retirement accounts: Determining the marital portion of pensions, 401(k)s and other retirement accounts often requires qualified domestic relations orders (QDROs) or similar tools.
Due to the complex nature of a high-asset divorce, we frequently collaborate with forensic accountants, appraisers and financial experts as necessary. This team approach allows us to build a full, accurate picture of the estate. If you are a business owner, executive, physician or entrepreneur, you need a high net worth divorce lawyer who understands these sophisticated financial nuances.
Steps To Take To Protect Yourself In An Ohio High-Asset Divorce
Proactive steps are essential to protect your financial interests. If you are contemplating or preparing for divorce, you should take immediate action. Some of these steps include:
- Gather documents: Gather and secure copies of all important financial documents, like tax returns, bank and brokerage statements, property deeds, and business valuation reports.
- Open a bank account: Next, open a separate bank account in your name only. This allows you to manage funds needed for expenses and legal fees during the divorce.
- Create inventories: You should also create an inventory of all your separate property, such as gifts or inheritances, and locate documentation to prove the assets’ nonmarital origin.
- Review your estate plan: It is also wise to immediately review your estate plan, including powers of attorney and beneficiary designations.
Finally, the most important step is to promptly consult with a skilled high net worth divorce lawyer to establish a protective legal strategy before taking any other major steps.
How Long Does A High-Asset Divorce Take In Ohio?
The timeline for a divorce depends heavily on the complexity of the estate and the willingness of both parties to cooperate. Due to the involved processes of valuation, discovery and expert consultations, a high-asset divorce generally takes longer than a simpler case.
While some cases can resolve within a year, it is more common for complex cases to take longer. Our goal is always to secure a successful outcome efficiently, and we use the mediation process whenever possible to reach a settlement. However, we will not sacrifice a favorable result just to speed up the process. We will provide realistic expectations about your specific timeline from the beginning.
Consult A Columbus High-Asset Divorce Lawyer
You deserve a secure financial future. We are a trusted high-asset divorce law firm in Ohio. To schedule a confidential appointment, call us at 614-697-2627. You can also send a message through our website to take the first step toward securing your future.