Dealing with a high-asset divorce case can be stressful, and Ohio isn’t an exception. Although Ohio is an equitable distribution state, assets are not always evenly distributed among spouses. When going through a divorce, a lot will be at stake financially. That’s why dealing with a high-asset divorce attorney is required. The professional will guide you and handle most of the steps to ensure a highly successful case outcome.
Check out tips for dealing with High-asset Divorce in Ohio.
1. Hire a skilled attorney
You need legal representation when dealing with a high-asset divorce in Ohio. You should hire the best Ohio high asset divorce attorney to guide you through the legal process. An attorney keeps you informed and prepared to face the case outcome. Also, the attorney will help through the trying time during the divorce period.
2. Don’t hide assets
It is normal to want to protect your assets by hiding them from your spouse. However, concealing assets is both illegal and unethical in high-asset divorce cases. In Ohio, you and your spouse are required by courts to submit affidavits that disclose financial information, property, income, and expenses. The submission of the documents is a sworn statement under oath, and if you’re hiding documents, you will attract severe penalties.
Do that by putting together an inventory before heading to deal with a high-asset asset divorce case. That helps you get a more appropriate division of assets. Also, close joint accounts and joint credit cards. That is to avoid liability for significant debts your spouse might run up in your joint account.
3. Work with financial experts.
Due to the financial complexities of a high-end asset divorce case, working with an attorney helps a lot. The team will conduct a thorough financial analysis and evaluation and reveal assets your partner might have tried to hide. Disclosing such information will increase your chances of getting favorable outcome.
4. Don’t act out of spite.
Mainly, spouses in Ohio act out of spite during divorce cases. Such emotions and anger can significantly harm your high-asset divorce. That’s because you’ll make rash decisions and statements, leaving the matter with holes. Your spouse will use such words for the assets you want in your high-asset divorce. However, sometimes it isn’t easy to keep calm and composure in your spouse’s presence. In such cases, you should use representation from an experienced high-asset divorce attorney.
5. Understand task consequences
You can’t afford to ignore tax implications regarding high-asset divorce. Remember, the IRS will not have mercy even if you’re going through an ugly divorce. You will be required to pay the taxes on your marital assets.
As a result, you have to avoid keeping assets that have taxes on them being regular and excessive, especially if you can’t manage to be responsible for the taxes. Alternatively, if your spouse cannot handle such assets, you can make a good case for why you should retain them.
Going through a high-asset divorce in Ohio is a traumatizing financial and emotional experience. That’s due to the many things you must deal with during the divorce process. But with the right attorney, you will ease most of the processes and stress associated with the case.