As high income earners, you and your spouse will likely face complex property division issues in your divorce. The assets you have worked so hard to acquire are now part of the divorce process, and it’s important to make sure all assets are accounted for and classified as marital or separate property.
Assets at stake in your high-income divorce may include:
- Homes and other real property
- Pensions, 401K’s, IRA’s and other retirement benefits
- Stock options
- Funds on deposit in bank accounts
- Stocks and bonds
- Cars, boats, jewelry, works of art and other personal property
It doesn’t matter if a certain asset is in your name only; if you acquired it during the marriage, then it is likely to be marital property and therefore subject to division in connection with the termination of your marriage.
Although these assets do not necessarily have to be divided down the middle in an equal, 50/50 manner, the division of assets does have to be fair and equitable. Several factors are considered in dividing such assets including:
- Assets and liabilities of each spouse
- Length of marriage
- Desirability of awarding the family home to one spouse in consideration of the needs of the minor children
- Tax consequences of the division
- Liquidity of property to be distributed
- Retirement benefits of the spouses
Division of assets can be agreed upon between you and your spouse through the Collaborative process, mediation or negotiation. If the two of you cannot cooperate and come to an agreement, these decisions will have to be made in Court by a Judge in a divorce proceeding.
To learn more about what an experienced Cincinnati high income divorce lawyer can do for you, please contact the Law Office of John Heilbrun to schedule a consultation.