Did you know that Ohio is the only state where the dissolution of marriage and divorce are not the same? While both legally end the marriage, one is more complicated than the other. The whole process becomes even more intricate when you and your spouse have significant assets and properties together. No matter how much you own, consider consulting a Delawre high asset divorce attorney to understand your rights better, even if you and your spouse agree on how things will shape up. In this post, we are answering some top questions about high asset divorces in Ohio.
What happens to the business?
If you or your spouse own a business, things will be murkier for sure. However, how the business gets divided depends on several factors. In some cases, companies are considered separate properties, while for others, a business could be joint property. Expectedly, you don’t want to leave your share if due, and at the same time, it may not be possible to continue together. Get a lawyer who can guide you on the same.
How much do I need to pay for spousal support?
Again, it depends on the incomes of both spouses. For instance, if you were always the dependent one in the marriage, you could be entitled to spousal support, also known as alimony. If you earn more, you may have to pay spousal support, depending on the income of your spouse. There is no one reason one party may get alimony, but if they want the same, they should have valid grounds.
What about child support?
Each parent’s contribution to child support also depends on their income. Sometimes, both parents may contribute to child support equally, but if one partner earns significantly more, they would undoubtedly have to pay more. There is a typical statutory formula that’s used for most cases. If you have hired a lawyer, be honest with them about your financials.
What about tax implications?
No matter what you want to get from the divorce, you may have to consider tax implications as a priority. In high asset divorces, some assets are not subject to taxes right away, but you may have to pay in the future. Talk to a CPA if yours is a high-asset divorce, and your lawyer can also advise you on taxable assets and their division. Keep in mind that divorces are often complicated, and what may have worked for a friend may not work for you.
Contact a high-asset divorce lawyer in Ohio today.