When a couple gets divorced in Ohio, property division becomes a necessity. Ohio is not a state that recognizes community property. Instead, it divides property through equitable distribution, like most other states. Your property will thus fall into two categories: marital and separate property.
Getting a divorce often means that you will have to relinquish some of the things you have worked hard to accumulate to your ex as decisions are made about how assets will be split. Depending on how long you have been married in Ohio, some of the assets that you will need to deliberate about include your home, your retirement savings, your joint bank accounts, and your car and belongings among other things.
The term "equitable division" can cause confusion for people in Ohio. It refers to a fair division of property between spouses rather than a 50-50 split down the middle, with each spouse receiving half. Unfortunately, it is not uncommon for one spouse to unfairly try to tip the scales in his or her own favor by hiding assets from the other. If your spouse is hiding assets from you in anticipation of your impending divorce, you should know that it is not only unfair to you, it is also against the law.
Going through a divorce in Ohio means that you must abide by state laws when it comes to handling the division of assets. The higher your assets are, the more complexities you will likely run into during this process. Here are some tips on dealing with asset division in a high asset divorce that might help you out.
Here at the Law Office of Kristen L. Campbell LLC in Ohio, one of the things we do on an almost daily basis is to help divorcing couples arrive at a fair and equitable property settlement agreement. Usually this includes assessing the value of the marital home, which often represents the couple’s largest asset.
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.
As you and your spouse contemplate obtaining a Ohio divorce, you should pay particular attention to your respective retirement accounts and pension plans. In all likelihood, these represent significant assets and need to be divided fairly and equitably between you.
People in Hamilton may tend to imbue their pets with human-like properties, referring to them as their best friends or as members of their family. While dogs, cats and other pets certainly do offer a greater level of companionship and shared affection than a standard piece of property, that is how they are viewed during divorce proceedings. Rather than rule on the custody of pets as it would with children, courts tend to determine their ownership during property division proceedings. Yet that is a principle that many have expressed a desire to see changed.
Divorcing couples in Ohio often bemoan the process of splitting up their assets and certainly, this is understandable. Nobody likes the thought of giving up something they treasure or have worked hard to earn or obtain. However, the property division portion of a divorce settlement is not just about assets. Debts must also be dealt with and split in an appropriate manner. For many couples, a mortgage and credit card debts are common forms of debt that they must make decisions about when ending their marriages.
When you file for divorce in Ohio, there are a host of issues that must be negotiated in the final divorce settlement. In addition to alimony and child custody, property division may be one of the most difficult topics to tackle when organizing the final decree. It can be hard to determine if all property and assets are disclosed and who is entitled to what.