Dividing property in a high-asset divorce can be more complicated than in other divorces. When a couple owns businesses, investments or multiple properties, the court must carefully review everything before deciding how to divide it.
Ohio uses equitable distribution
Ohio follows an equitable distribution system under Ohio Revised Code Section 3105.171. This means courts divide marital property in a way that is fair based on the details of the marriage.
Judges often begin by looking at an equal division. However, they may adjust the split if equal division would not be fair. Courts may consider several factors, including:
- Length of the marriage: Longer marriages may involve more shared financial growth.
- Assets and debts: Judges review the financial situation of both spouses.
- Liquidity of property: Some assets are difficult to sell or divide.
- Tax consequences: Selling or transferring property may create tax obligations.
These considerations help courts evaluate complex financial portfolios in high-asset divorces.
Marital property vs. separate property
The court must first determine whether property is marital or separate. Only marital property is subject to division in a divorce. Marital property typically includes:
- Assets acquired during the marriage: Homes, vehicles and investment accounts.
- Retirement savings: Pensions, 401(k)s and IRAs built during the marriage.
- Business income or growth: Value created while the couple was married.
- Shared debts: Mortgages, credit cards and loans taken during the marriage.
Separate property usually remains with the original owner. Common examples include:
- Property owned before marriage: Real estate or accounts acquired earlier.
- Gifts or inheritances: As long as they were kept separate from marital funds.
- Certain personal injury awards: Compensation tied to one spouse.
Problems may arise when separate property becomes mixed with marital assets. In these cases, financial records often help the court decide how the property should be classified.
Valuing complex assets
High-asset divorces often involve property that is difficult to value. Businesses, large real estate holdings and investment portfolios may require professional valuation.
Courts may rely on financial experts or accountants to determine the true value of these assets. Accurate valuation is important because it affects how property is divided between spouses.
Consider speaking with a family law attorney
High-asset divorces can involve complicated financial issues. Identifying property, determining value and applying Ohio law can all affect the outcome of the case.
Speaking with a family law attorney may help you better understand how courts handle these situations.
