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How are high asset divorces handled?

| Jul 12, 2019 | Property Division |

Going through a divorce in Ohio means that you must abide by state laws when it comes to handling the division of assets. The higher your assets are, the more complexities you will likely run into during this process. Here are some tips on dealing with asset division in a high asset divorce that might help you out.

FindLaw examines different ways to make a high asset divorce go more smoothly. The first way is by keeping close track of all of your assets. The more you have, the harder this will be. Losing track of assets can make estimating your overall net worth hard. It can also make asset division nigh impossible, as you won’t be able to account for everything that belongs to you. Keeping a close eye on your assets means you must keep track of all sources of income, inheritance, or funds. 

Next, you must determine which assets are yours alone and which are shared. The shared assets are what will need to be divided between you and your spouse. They can include things like businesses, jointly owned property or savings accounts, and retirement benefits.

After you know how to divide your assets, you can seal court documents for additional protection. Doing this makes it so only the involved parties and court can look at the sealed documents. This can be helpful if you believe members of your family or unrelated parties are going to snoop to find out information about your finances.

High asset divorces can be stressful, but following these steps and contacting an attorney who is well-versed in handling property division can help reduce stress and streamline the divorce.

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