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Accounting for all marital property is critical

When couples decide to terminate their marriage in Ohio, or anywhere across the country for that matter, they must cover a series of topics as they create a divorce settlement. One of the most difficult topics to tackle may be property division. While the family home, vehicles and finances are often considered first when dealing with marital property, there are a host of other marital items that may be less common. It is crucial that people keep these items in mind in order to get everything they are entitled to in the settlement.

According to Ohio statutes, all property and assets that are accumulated during the course of the marriage are considered marital property and are eligible for division in a divorce. Collectible items, such as art, antiques, cars, horses, coins, wine and furnishings, are considered marital. Furthermore, any loyalty points or travel miles earned on memberships are divisible as well. Golf course and country club memberships, lottery ticket winnings, tax refunds, term life insurance policies and pets are other items that may be overlooked when separating property.

Marital property may include intellectual property, including patents, copyrights, trademarks and royalties. While gifts given to either spouse by a third-party is considered separate property, gifts that spouses gave to one another may be divided. If one party loaned money to someone during the marriage and the borrower repays the money once the divorce is finalized, the other spouse is entitled to half of the borrowed amount. Both parties are required to disclose all property so that everyone receives their fair share of the marital property.

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