Nearly all divorces come with at least a few challenges, some involving children and others centered on marital property. Many believe divorcing when you have wealth or valuable property is easier than a divorce with more modest assets.
Unfortunately, high-asset divorces are typically much more contentious and economically risky than you might think. The fact that there is enough to go around is no guarantee that you will get what you expect.
1. Equitable property distribution
Like most states, Ohio follows the equitable distribution model when dividing marital property. Many individuals believe this means they will get exactly half of the involved assets, but that is not necessarily the case.
Courts will split things evenly whenever possible, but their primary goal is to distribute property fairly. For example, if an equal split would result in financial hardships for one spouse, the court may award that spouse more property than the other.
2. Spousal support is not guaranteed
Say your spouse earns a lucrative income as a corporate executive, but you make much less in your own career. You might automatically think a substantial income disparity would cause the court to give you a nice alimony award, but that might not happen.
Spousal support is typically awarded based on need more than anything else. The court will consider your standard of living (while married), but if you cannot show a need, you may need to fight for alimony.
Of course, this is not all you need to know if you are divorcing and have complex assets or wealth to divide. Learn all you can about the property division process to protect your rights throughout your divorce.