If you and your spouse are about to obtain an Ohio divorce, you need to know about the difference between marital and nonmarital property. As FindLaw explains, Ohio is one of the equitable distribution states in which all your marital property must be divided between you in a fair and equitable, but not necessarily equal, manner.
Your nonmarital property, a/k/a separate property, on the other hand, belongs to you and you alone. It forms no part of your fair and equitable property settlement agreement.
As you might expect, your nonmarital property includes whatever real and/or personal property you owned prior to your marriage. But it also includes the following things:
- Any inheritances you received during your marriage
- Any gifts given to only you during your marriage
- Any real or personal property you excluded in a prenuptial agreement
- Any passive income and/or interest you received from your separate property during your marriage
You and your spouse’s marital property, on the other hand, consists of the following:
- All real and personal property that either of you acquired during your marriage
- All business or personal interests that either of you acquired in real estate or personal property during your marriage
- All money in your respective retirement accounts
- All income from or appreciation in value of separate property that the other spouse contributed to by means of his or her labor, money or in-kind contribution
This is the property that you and your spouse must divide up fairly and equitably when you divorce. But remember, fair and equitable does not mean precisely equal. Your own situation will determine what constitutes a fair and equitable property settlement agreement.
This is general educational information and not intended to provide legal advice.