DIVISION OF MARITAL PROPERTY IN OHIO
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While most issues in divorce or legal separation can be contentious, property division is one of the most heated. Both spouses may go into a divorce expecting to claim certain assets or valuables, only to be frustrated that they are receiving some resistance from the other side. Some property may even be used as pawns for seeking revenge, making matters much more complicated for both sides. Whether you are facing a seriously contested property division case or a peaceful one, you still need legal representation on your side throughout the entire process.
Even when it seems that you both agree on all the terms of your divorce, it only takes one small dispute to heat things ups—and property division can do exactly that in even the most peaceful of divorces.
MARITAL VS. SEPARATE PROPERTY
It is important to determine what assets are marital or separate. Anything that is separate will not be divided, as it is considered to belong to only that spouse. An example of this may include inheritance, gifts, or property owned prior to the marriage and kept separate throughout. On the other hand, marital assets must go through what is known as equitable distribution. Ohio rules that all property owned between spouses must be split up in a fair manner.
The following factors will be taken into consideration to determine what is “fair”:
- All assets, property, and valuables owned by the spouses
- The actual liquidity of these assets
- Tax and debt issues that may impact the property
- Any agreement that had been reached between the spouses
- How costly it will be to sell assets or property
- The length of the marriage and other relational factors
Again, marital property is anything that the spouses gained during the marriage. This can include retirement benefits, family-owned businesses, bonuses, vehicles, and much more. If you need help with identifying marital and separate property and valuating assets, we encourage you to reach out to our Akron divorce lawyers today.