A high asset divorce involves a vast list of exorbitant assets. Assets like stock portfolios, real estate, antiques and artworks, trust funds, business interests, partnerships, etc., are involved in a high asset divorce.
While the assets are abundant, the challenge is to distribute these assets fairly and considerably. If the couple agrees to each other terms and conditions, the divorce process might get a little shorter and less hectic. However, if there is a dispute between the couple, things can get complicated and ugly.
Hiring a divorce attorney in Columbus will help you figure out the best possible solution to get a quick and successful high-asset divorce.
However, below are five additional points you should know about before seeking a high-asset divorce.
1. It is costlier than a standard divorce.
A high asset divorce is more expensive than a standard divorce because of the high volume of property included. High asset divorce does consider the amount of money you have and the marital property with high value. For example, several shared houses, business investments and assets, massive stock portfolios, and other considerable financial assets are included.
2. Extended duration
High asset divorces are usually time-consuming because of the calculation of the assets. As the court has to be sure and accurate when distributing the assets, it ensures there is no negligence from their side.
So do not rush the process as it will only negatively affect you. You might willingly miss out o an asset just because of the hurry. Be patient and wait for the final decision.
3. Stock your finances
The first thing your lawyer will advise you to do before filing for a divorce is to keep your finances in check. The reason is that your every financial move will be rectified by the court when distributing assets.
Although this step is crucial, you will not have trouble maintaining your financial records. However, this process has a timeframe in which it needs to be done, which might create some pressure.
4. It may affect your taxes.
Any divorce, whether a high asset or normal, will imply some taxation of your packet. When the assets are distributed, you are obligated to pay tax on the marital assets you receive. Remember that some of the assets will cost you heavy taxes.
5. Mediation is the best solution.
Any divorce filed in the court becomes a public record, meaning anyone can access your case’s details. Couples who own heavy assets should opt for mediation to maintain their case’s privacy and high assets’ privacy.