High-Asset Divorce

Divorce is more complicated when a couple has significant assets. Although most of us would not consider ourselves wealthy, we may nonetheless have assets in need of protection.

So what makes a divorce high-asset? The criteria can vary. But in many cases, high-asset divorce is appropriate if one or both spouses owns a business, earns a high income, or has substantial retirement assets.

Protecting Your Small Business From Divorce

At Boller & Petty, LLC, we have decades of experience working with business owners seeking to protect their livelihood during and after divorce. The first step is determining if (and to what extent) the business is considered marital property.

Here are some questions used to make this determination:

  • When was the business established (before or after marriage)?
  • Have shared marital funds been invested in the business?
  • Has the business appreciated in value during the marriage?
  • Is the business jointly run, or does one spouse do all the work?

If the business-owner spouse has been very careful to keep detailed records and avoid commingling business and personal assets, it may be easy to make a case that the business is separate property. For most businesses that exist during a marriage, however, at least some aspects will be considered marital property.

Assuming that your business is considered marital property, the next step is to perform a business valuation as part of the larger asset valuation strategy. Our attorneys work with financial professionals to determine how much the business is worth. We then create negotiation strategies such as agreeing to buy out your spouse's share in the business or offsetting your spouse's share of the business with other assets. Our attorneys will do all they can to protect the business you have worked so hard to build.

Do Not Overlook Retirement Assets

IRAs, 401(k) accounts, corporate pensions and military pensions are often among the most valuable assets couples have. Yet they are too often overlooked in divorce. Our lawyers will work with you to determine how to equitably divide these assets.

We will also make sure retirement accounts are valued correctly, since the funds are usually not immediately available. When retirement assets are used to offset other assets, for instance, their current value is the key consideration, not how valuable they could become over time.

High-Net-Worth Individuals And Income Disparity

When spouses have significantly disparate incomes, spousal support is likely to be a factor. However, in Ohio, there is no presumption that spousal support either will or will not be awarded. Each case must be argued on its own merits, and our attorneys can help you craft a well-reasoned argument for or against support.

Call Us Today For A Free Consultation

Boller & Petty, LLC, represents clients in Columbus and surrounding communities. To take advantage of a free initial consultation with our family law attorneys, call us at 614-670-5882 or fill out our online contact form.