Getting divorced is a big, life-changing decision. It's not an easy one to make and shouldn't be taken lightly. But, you also shouldn't rush to any decisions, especially when it comes to a high-asset divorce. You might want to rush and get the paperwork finalized, but this can be detrimental to the outcome. Here are the common mistakes to avoid in a high-asset divorce.
Divorce cases can either be contested or uncontested. Most couples will want the process to go as smoothly as possible for both themselves and their children. But, some divorces become contested simply because the couple cannot agree on anything. One such issue is how the property is divided. When a couple cannot come to an agreement on the division of property, it will need to be valued so it can be divided fairly.
Getting divorced is never easy, even for couples that have not been happy in their marriage for quite some time. Divorce can be extensive, emotional, stressful and downright nasty in some instances. When it comes to dividing property, many divorcing couples wonder how property is divided, including a 401k. So, how is a 401k divided in an Ohio divorce?
High asset divorces occur when a large amount of money, investments, property and other expensive items are at stake. Divorces of this magnitude can come with plenty of mistakes and one or both parties could feel betrayed, lied to, disappointed, angry and vengeful. Here are some common mistakes made in high asset divorces.
Under Ohio law, any assets obtained by either spouse during a marriage are considered marital property. Unless a premarital agreement was signed, these assets are divided equitably between the two parties during a divorce.