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Including all marital property in a divorce settlement

| Oct 14, 2019 | Property Division |

Filing for divorce in Ohio is often a complicated process. In addition to determining child custody, filling out paperwork and creating visitation schedules, you are forced to divide all of the property and possessions that you have accumulated throughout your marriage. Negotiating the issue of property division can be emotional and somewhat overwhelming, as you must part with items you have grown attached to over the years. Yet, it is important to make sure you include all of your property in the settlement to make sure you receive everything you are entitled to in the divorce. 

While marital property includes the family vehicles, home and bank accounts, it also includes other, less commonly thought of items. These consist of the following:

  • Retirement accounts, 401k plans, stocks and term life insurance policies

  • Lottery ticket winnings

  • Frequent flier miles and rewards points

  • Expensive collections, such as antiques, art, coins, cars and horses

  • Intellectual property, such as patents, copyrights and trademarks

  • Gifts spouses give to one another during the marriage

Furthermore, if either spouse lent money or property to a third-party during the marriage, each spouse is entitled to half of that property or money once it is repaid. This holds true even if the debt is repaid after the divorce is finalized. 

Each party is responsible for reporting all marital property and to avoid withholding property during the divorce. This will ensure everything is accounted for and divided property, according to Ohio property division statutes. 

This information is intended to educate and should not be taken as legal advice.

 

 

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