Learning the Answers to the Most-Asked Questions
Going through a divorce can be an incredibly stressful process. The complexities increase when the divorce involves extensive or complicated assets of various types. People preparing to go through a high-asset divorce may have questions about what might happen to their assets, and they have good reason to be diligent.
Read on to learn the answers to some of the most frequently asked questions about high-asset divorce.
What Will Happen to My Business?
It’s understandable that a business owner would have concerns about how a divorce will affect the business. A business may be separate, non-marital property, all marital property, or a combination of both. It’s critical to have sophisticated attorneys and experts when confronting these issues.
Will I Pay More Child Support/Alimony (Spousal Support)?
How much you pay in child support and alimony depends, of course, on the unique circumstances of your divorce. However, it is reasonable to expect that higher earners could end up paying a higher-than-average amount of child support or alimony (called spousal support in Ohio).
Child support calculations are partially based on a statutory formula, which among other things takes into account the incomes of each parent. The formula amount can also deviate upward or downward, depending on each parent’s unique circumstances. High earners may have a child support order that’s substantially higher than the formula amount.
The same can be said for alimony payments. There is no statutory formula, but there are many statutory factors to consider, so the amount can vary a great deal from case to case. High earners, or a person married to a high earner, will need to have legal counsel experienced in dealing with arguing support factors in these cases.
What About Taxes?
While property division in a divorce is not immediately taxable, there are still many significant tax issues to take into account. Different assets will have a different future tax treatment. Again, it is important that each party be aware of the potential tax liability after divorce. The tax treatment can be complicated for certain types of assets, so you will need to be advised of the best type of property division for your circumstances and of what you can expect from the court.
Do I Need a High-Asset Divorce Attorney?
Anyone with complex assets or high incomes needs experienced legal counsel who can argue the unique circumstances to a judge, participate in successful settlement negotiations, and be creative and strategic in fashioning a resolution. You should inquire as to whether the attorney you’re interviewing has extensive experience in these areas.
At Friedman & Mirman Co., L.P.A., our divorce attorneys are prepared to help you in high net worth, high-income divorce and guide you on making the appropriate decisions throughout your case. Learn more by scheduling your consultation by calling (614) 412-3943 or by visiting our website.