Understanding Division Of Property Laws In Ohio.
When a couple is in the midst of a divorce, any assets acquired during the course of the marriage are categorized as marital property and are subject to division. This marital property encompasses various assets, including vehicles, real estate, and financial holdings.
Throughout the divorce proceedings, the court's role is to ascertain which assets qualify as marital property and identify the separate property of each spouse. Following this classification, the court proceeds to distribute the marital property in an equitable manner between the divorcing spouses.
General Information About The Division Of Property In Ohio.
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How Is Property Divided?
In Ohio, the division of marital property is not based on a strict equal split; instead, it follows the principle of equitable distribution. Equitable division is typically employed when couples are unable to reach an agreement on property division. This approach is regarded as fair and adaptable, but it can sometimes pose challenges due to its subjective nature.
When determining the equitable division of property, Ohio courts take several factors into account, as outlined in Ohio Revised Code 3105.171 (F). These factors encompass:
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The length of the marriage.
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Each spouse's assets and liabilities.
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The preference for awarding the family home to the custodial parent.
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Liquidity of the assets involved.
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The economic viability of keeping an asset intact.
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Tax implications related to property division.
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Costs associated with selling particular assets.
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Any property division already stipulated in a voluntary separation agreement.
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Retirement benefits, excluding social security benefits.
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Any other factors that the court deems relevant and equitable.
Separate Vs. Marital
In Ohio, marital property is categorized into two types: marital and separate. Separate property, owned individually by one spouse, is not subject to division. Ohio Revised Code 3105.171 specifies that separate property includes:
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Inheritance received by one spouse.
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Personal property, real estate, or interests acquired by a spouse before the marriage.
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Passive income generated from separate property by one spouse during the marriage.
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Personal or real property excluded by a prenuptial agreement.
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Gifts given to one spouse during the marriage.
In contrast, marital property is property acquired by the couple during the marriage and is subject to division. Ohio defines marital property as:
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All currently owned real and personal property by both or either spouse, including retirement benefits.
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All interests held by either or both spouses in personal or real estate property.
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All income and appreciation on separate property attributable to the other spouse's contributions, whether labor, monetary, or in-kind.
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Money from a public employee participant account.
A Lawyer You Can Trust To Handle Division Of Property Matters.
We understand the emotional and financial stress that can accompany the division of property cases during divorce. Our professional representation and extensive knowledge allow us to be well-equipped to assist you through this challenging process. Our goal is to guide you toward a fair and equitable resolution, providing you with the rights and assets that you deserve.
3 Steps To Handle Division Of Property Issues.
Contact
Contact us today to schedule an initial consultation to determine the specific needs of your case.
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Strategy
After the initial consultation, we will work to develop an in-depth strategy to assist in achieving optimal results for your case.
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Relief
From the first meeting to the close of your matter, enjoy the comfort of knowing that a proven professional is in your corner, fighting for your rights.
Important Disclaimer
The information that you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your situation. We invite you to contact us and welcome your calls and emails. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until an attorney-client relationship has been established.