5 Things to Know About High-Asset Divorce

High asset divorces can be a confusing event in your life and one that sets out a lot of financial priorities. This type of divorce can be hard to navigate, but with the right help, it’s not impossible. In the case of high-asset divorces, it is essential to hire an Ohio high asset divorce attorney for the best chance at a favorable outcome.

In fact, high asset divorce laws are different from other states and can be confusing for those just starting their divorce. You need to know your rights and how they can protect you. The following are some of the most important things you need to know about high-asset divorces in Ohio.

  1. It is more expensive than the average divorce

When a couple decides to end their marriage, there are many financial decisions to make. Paying for an attorney, dividing the assets, and handling children’s expenses can be overwhelming. As high-asset divorce laws allow for a more extreme division of assets, it is expected that the costs will be higher, too. The final breakdown of marital property will give you insight as to how much more you need to budget for your divorce. 

  1. It takes longer

High asset divorces often take a lot longer to be finalized. They take much more time to resolve, especially when the other spouse is being uncooperative. The truth is that just because you are trying to move on doesn’t mean that your ex-spouse will be willing or able to do the same thing.

  1. It is crucial to keep your finances in check

Because high-asset divorce laws place a large amount of focus on assets, it’s crucial to keep your finances in check during the divorce. If you try to hide assets or don’t disclose everything that you own, the judge may impose stiff penalties and other penalties. 

  1. It will likely impact your taxes

When it comes time to file taxes, your divorce may influence which form you use. If you and your spouse have a large amount of debt, you may be required to file separate taxes if a divorce decree requires that each party pay his or her share of the debt. 

  1. Mediation is usually the best way to deal with

Mediation is often the best option when it comes to high-asset divorces. It allows you to work with your spouse and a mediator in a neutral setting where you can bring up all of the issues that are concerning you. There is no reason to go through the divorce process in court, especially if it can be handled outside of the courtroom.