Complex Asset Divorce

Our law firm regularly handles cases involving complex assets. Complex assets are assets that present complex or unusual legal or financial issues. These assets include business interests, professional practices, pension plans and retirement plans. Complex assets may be extremely valuable.

Business Interests

We frequently handle cases involving various types of business interests. An individual may be the sole owner of a business or may own the business with others. A business may be operated directly or may be operated using a legal entity. Such legal entities include corporations, partnerships, and limited liability companies (LLCs).

Professional Practices

We also frequently handle cases involving professional practices. A professional practice is a business operated by one or more individuals who have specialized education and credentials in a particular area. Examples of professional practices include businesses involving doctors, dentists, lawyers, psychologists, accountants, and other licensed or certified professionals. These businesses may be operated directly or by using a legal entity.

Pension Plans and Retirement Plans

Many cases involve one or more pension plans or retirement plans. Generally, pension plans provide funds to an individual who has reached a certain age and has met other conditions. There are many different types of pension and retirement plans. These plans are extremely varied and complicated. A plan may be provided by a private employer, a public employer (for example, a state or federal government or agency), or even a private individual. Special state and federal laws frequently apply regarding the division of these assets.

Social Security Benefits

A court may treat present or future Social Security benefits as a marital asset. The law regarding how these benefits should be handled is relatively new and developing. Generally, if a party is already receiving benefits, or if a party will receive benefits in the near future, a court is more likely to consider the benefits to be marital property and to divide the benefits accordingly.

Real Estate

An interest in real estate may be a complex asset. Even the typical marital home may present complicated ownership, tax, and separate property issues. Second homes and time share properties present special tax issues. Further, real estate located in other states and other countries present special problems. Finally, joint interests, future interests, and other non-standard interests are complex assets.

Other Complex Assets

Many other complex assets exist. Some employment benefits, like accrued vacation time, personal time, or sick time, may be divided. Interests in patents, copyrights, and other types of intellectual property must be divided. Contract rights and interests in pending or potential lawsuits are assets. Essentially, any interest in any type of property, and any contractual or other legal right, may constitute an asset that must be divided in a divorce or dissolution.

Sale of Assets

Rather than awarding an asset to one party or the other, a court may order that an asset be sold. If the court orders the sale of an asset, additional issues arise. What type of sale shall occur (private sale, broker listing, auction, etc.)? What are the conditions of the sale (price, possession date, etc.)? How will the expenses of the sale be paid (broker’s fee, auctioneer’s fee, closing costs, taxes, etc.)? And finally, how will the proceeds from the sale be distributed?

Contact Us

Please contact the attorneys at Dougherty, Hanneman and Snedaker for a confidential consultation with an Ohio State Bar Association Certified Specialist in Family Relations Law regarding your family law issue. Attorneys Douglas Dougherty, James Hanneman and Robert “Chip” Snedaker are three of just ninety-nine attorneys (as of January 1, 2008) in the state of Ohio, who have earned the designation of Certified Specialist, Family Relations Law.