Large Asset Divorce

Columbus, Ohio, Complex Divorce Attorney

A primary issue in resolving a marital relationship is determining the assets of the marriage, marital property or non-marital property. Generally, marital property is property or assets acquired by the parties "during" the marriage; whereas, non-marital property is property that was either brought into the marriage by one of the parties or was acquired with funds or assets in existence before the marriage and are traceable to those funds or assets. The preceding is simply an overview; Ohio law has many exceptions to what is deemed marital v. non-marital.

Once the marital property has been identified, it must then undergo the process of property valuation to determine its present worth. If either you or your spouse have substantial interests in retirement accounts, investment vehicles such as stocks, bonds and mutual funds, or business interests, it is extremely important to properly value these in dealing with the division of these complex marital estates. Even when a premarital agreement is in place, there are risks involved.

Stocks, bonds and mutual funds

When dividing marital property, it is paramount to protect your investments as much as possible. The ownership history of an investment or asset, such as the funds used and the "basis" are very important in determining the value, if any, of any marital portion to be divided. Additionally, as with most investments, the tax implications resulting from any division or distribution must be examined. For instance, one spouse may have owned shares in a mutual fund before the marriage - identification of those shares and their current value must be determined, along with the identification and the current value of any additional shares purchased during the marriage.

Pensions and retirement funds, QDROs

Division of pension benefits, qualified/sheltered retirement accounts, such as 401Ks or 403bs, military pensions and other retirement vehicles is a complicated process during any complex divorce. Often, a portion of a retirement account was earned before the worker married, and has increased in value during the marriage. In other cases, the value of any unvested retirement accounts need to be assigned as compared to the time when the working spouse will be fully vested and eligible for pay-out. I work with CPA's and other financial consultants to see that my clients' rights to their marital portion is protected.

Professional practices and business interests

As is often the case, one spouse owns or has an interest in a business or professional practice. In such cases it is very important to determine the true value of the business ownership and to rely on the expertise of a qualified financial expert in the particular industry. As with other financial concerns, whether the business was in existence prior to the marriage will affect a spouse's marital ownership portion.

If you would like to speak with me about asset division during a high-asset or complex divorce, please call (614) 461-5708 or e-mail my Columbus, Ohio, office for a free consultation. I accept credit cards, and can meet with clients at out-of-office locations on evenings and on weekends. As your attorney, I will see that you have all of the information you need to make good decisions and proceed with confidence.

For general information, visit our Divorce and Community Property Information Center.

Dirk D. Winkler, Columbus, Ohio, Attorney