Serving Central Ohio Since 1983

Finding equity in divorce when complex assets are involved

On Behalf of | Oct 23, 2014 | High-Asset Divorce

Those who have never faced the prospect of going through a divorce in Ohio may not have a clear idea of exactly how things work. To begin with, it’s important to know that Ohio follows the rules of equitable division.

As the Ohio Revised Code explains, what that means is that property acquired during the marriage, even if it was earned by one or the other spouse, will be subject to equal division.

If property can’t be physically divided, such as in the case of a house or a boat, the court will be looking to assure that any plan drawn up splits the value of the assets fairly. The rules also call for full disclosure, which means that neither spouse can conceal assets that may have been accrued during the marriage. 

As you can see, the law calls for the stage to be set in a way that is fair, but to make sure that proper balance is achieved can take some doing. To be sure that you not only are aware of all your rights and that they are properly protected are key reasons why you should be working with an experienced attorney. 

This may be particularly important in instances when spouses are co-owners of a business enterprise. If one spouse had no particular role in the operations, he or she still has a right to half the fair market value as a co-owner, perhaps in lieu of a buyout plan. But from an equity standpoint, the argument may then need to be made that the bought-out spouse should not be able to use the total value of the business in the setting of any possible spousal support award.

These are challenges that couples may face regardless of whether their divorce is contested or uncontested. To be sure those challenges are met in the midst of the emotional turmoil that can accompany any divorce, you want confidence that your attorney is prepared to handle whatever may come. That is what we strive for in each case we take. We invite you to call to learn more.