If you get a divorce in Ohio, the court will divide any marital property between you and your former spouse. The court makes a ruling on what is and what is not considered marital property based on the Ohio Revised Code, which is the law of the state. The ORC outlines exactly what is considered marital property and defines exceptions that are separate property and not susceptible to division by the court.
As you probably know, Ohio requires you and your spouse to divide your marital property fairly and equitably when you divorce. But if the two of you have lived together for many years without benefit of marriage, must you still obtain an actual divorce and split your property fairly and equitably? The answer is, “it depends.”
If you own a business in Ohio, you naturally want to protect it from all types of risks. Divorce is just one potential risk facing entrepreneurs, who could lose control of their enterprise if the proper measures aren’t taken. The financial loss can also be great, in addition to setting back all the hard work it took to make your business a success. The first step in protecting your interests is to create a prenuptial agreement before you get married.
As you begin your Ohio divorce process, you likely are caught up in all the things a divorce entails, particularly your custody and parenting time agreement and your property settlement agreement. With regard to the latter, make sure you understand exactly what you are signing. It may be difficult to modify it in the future.
As you face your Ohio divorce, probably one of your main concerns is how the court will divide the marital assets you and your spouse have accumulated during your marriage. But have you ever thought about the fact that your marital debts likewise must be divided between you?
As you face your impending Ohio divorce, you may have the uneasy feeling that your spouse is up to something. Specifically, you may suspect that (s)he is attempting to hide marital assets so as to obtain an advantage when it comes time to divide your marital property by way of a property settlement agreement.
Whether parents are considering terminating their marriage or have already filed for divorce, they should think about several factors that must be finalized in the divorce settlement. Parents have a host of issues that must be resolved before signing the final agreement, including child custody, parenting plans and child support. Another thing experts recommend parents consider is how their child’s college future comes into play and how the divorce may affect their education and plans.
Going through a divorce is often difficult and may feel overwhelming. You may be faced with strong emotions, as well as the hard task of dividing up the property that was accumulated during the course of the marriage. Ohio is an equitable distribution of property state, meaning all marital property is divided in a fashion that is considered fair and equitable by a court-appointed judge. Although marital items, such as the family home, vehicle, furniture, assets and possessions may be split between you and your spouse, there are some items that may remain in the sole possession of the original owner.
When you and your spouse divorce in Ohio, you must divide all the property that the two of you acquired during your marriage as equally as possible between you. Sometimes, however, a precise 50-50 property split would be unfair, leaving one of you at a disadvantage. FindLaw explains that in such a situation, you instead must divide your marital property equitably.
If you and your spouse are contemplating an Ohio divorce, it may be difficult for you to arrive at a fair and equitable property settlement agreement, particularly if you are a high-asset couple. Your difficulties could be especially complex if you believe that your spouse is attempting to hide assets from you.