If there’s one factor that holds up divorce negotiations, then property division is at the top of the list. Couples often fight over whether certain valuable items are considered as marital property. Hamilton judges take into account various factors when dividing up spouses’ assets.
Ohio is an equitable distribution state. This means that judges assume that both spouses contributed equally to acquiring any marital property that they own.
Marital assets are split up equitably between spouses. There are several factors that Ohio family law judges take into account when deciding how to do this.
Hamilton judges generally take into account how long your marriage lasted, what economic impact splitting up an asset has on its value and the tax implications of making certain choices are. The court may also consider the liquidity of the distributed property and assets and liabilities that each spouse has as well.
Ohio judges often allow the custodial parent to maintain possession of the family home. This can impact how property division decisions are rendered if they do this.
Marital assets are the only types of assets that Ohio husbands and wives have to worry about sharing with their ex.
Any property that is co-owned by both spouses is considered as marital property. This includes retirement plans and real estate. Any income that one spouse generates is generally seen as belonging to both of them. Deferred compensation accounts are thought of much the same way.
Separate property includes any property that spouses mention in prenuptial agreements, anything that each party owned before their marriage, gifts or inheritances. These items can easily become marital property. This can occur if a husband or wife uses any portion of their asset or funds to pay for a common bill or expense that benefits the two of you. This is referred to as commingling.
Property division negotiations and decisions are very much like child custody negotiations. They can be easily settled with some compromising on both spouses’ parts. Judges take a lot of info into account when deciding such matters. You should consult with an attorney if you want to try and reach an agreement with your ex that both of you will be at peace in the years to come.