If you are an executive or you have a high net worth, your divorce can be complicated. The attorneys of Phyllis G. Bossin Co., L.P.A., are experienced in helping people with complex financial divorce cases.
High-asset divorces present unique challenges in terms of asset valuation and evidence presentation. Ohio is an equitable distribution state, meaning that the property must be divided equitably, rather than by title. In fact, there is a presumption that the property will be divided equally. In cases involving easy-to-value assets, such as a house, a profit sharing plan, etc., the actual valuation process is not overly complex. Our lawyers have substantial experience representing high net worth individuals in divorce.
There are many types of assets that can make a case complex. These can include investments in commercial real estate or farm property, nonqualified retirement plans, various types of stock options and restricted stock or restricted stock units, golden parachute plans, unique employee benefit plans, and closely held corporations or professional practices.
Various professionals must be involved in these cases, whether they are real estate appraisers, business valuation experts, employee benefit experts, forensic accountants, etc. The selection of these individuals is critical to the valuation issue in the case and to the outcome.
A particularly difficult situation arises when one of the partners to the marriage owned a business or investment prior to the marriage but contributed to the value of that asset during the marriage. For example, if somebody owned a small business before the marriage but worked full time in the business during the marriage, the appreciation in value during the marriage could be a marital asset. Ferreting out the marital versus nonmarital portion is complex and subjects to varying opinions by different experts.
Often in high-asset cases, there has been a prenuptial agreement signed. In these cases, it will be important to evaluate not only the terms of the prenuptial agreement, but also the circumstances surrounding its execution to determine whether the agreement can or should be challenged.
Valuing a business also inevitably involves establishing the income upon which support will be based. A significant part of the analysis of the value of the business will be related to the income that the business generates that is available for child and/or spousal support.
While cases of this nature can often be resolved through negotiation, with such varying opinions on value, they often involve litigation. Properly preparing such a case for trial is imperative. The attorneys at Phyllis G. Bossin Co., L.P.A. have extensive experience in handling high-asset, high-income and complex cases.