A high-asset divorce can often be complicated to resolve. The time must be taken to accurately report all assets owed by both spouses before anything can be divided. Such assets can take many forms, including property, stocks, bonds and cash. In Ohio as well as other places, the general rule is that in a divorce, marital property will be split equally between both spouses.
In a recent divorce case, a couple filed for marital dissolution not long after the husband was implicated in Olympus’ large accounting scandal. The pair cited irreconcilable differences as the reason for their split. They were married in 1979.
On the financial documents filed as part of the divorce, the couple listed approximately $11 million in assets. The divorce settlement, reports suggest, will leave the wife with nearly $9.9 million worth of assets. This will include a home and a large savings account. The husband will keep multiple retirement plans and money from other accounts amounting to about $1.5 million.
As this divorce shows, a high-asset divorce can result in significant losses for one party. While not every couple thinks of divorce before marriage, creating a prenuptial agreement can be a useful tool for making sure assets remain protected should a divorce become necessary. A post-nuptial agreement can have similar effects. Both can allow a couple to lay out plans for a business, spousal support or other factors that can be part of a divorce. Ohio residents who are considering a prenuptial or post-nuptial agreement may find it helpful to speak with an experienced family law attorney.
Source: Reuters, “Exclusive: Banker in Olympus scandal steps into public view,” Kevin Gray, Jan. 14, 2012