If you and your spouse plan to divorce in Ohio and either or both of you have a retirement plan where you work, these plans may well make up a major portion of your marital assets. Zacks.com, an investment strategy site, explains that per Ohio law, the portion of your retirement benefits that you earned while married makes up the marital portion of your plan. That is the portion to which your spouse may or may not be entitled.
Marriages fall apart for any number of reasons, and a lot of times the final straw is just that, the final event in a series of happenings that would not have been as destructive on their own. Ohio couples who find themselves in this situation likely did not plan to ever end up here, and if this describes you, now you are sifting through remnants of relationship you never wanted to end.
At the Law Office of Kristen L Campbell LLC in Ohio, we know that dividing your property during a divorce can be one of the most contentious issues between you and your spouse. This is particularly true if you suspect that (s)he is hiding assets in an attempt to skew your family’s overall financial picture so as to deprive you of what is rightfully yours.
Some may think creatives can find imaginative solutions for every situation in life, but communication and other issues can haunt their marriages, too. When Ohio artists decide there is just no innovative resolution for their marital strife, who gets the art they have to split equally between them?
Ohio couples who own a business together but are thinking about ending their marriage must decide if and how the business will continue and, if so, how they will split its value between them. This can become very complicated very quickly.
If you are a married Ohio resident facing a divorce, you probably are concerned about the way in which the assets and debts that you and your spouse have accumulated during your marriage will be distributed between you when your divorce takes place. You also may have heard about community property and are wondering if Ohio recognizes community property and, if so, exactly what it is and how it works.
We might think that in Ohio divorces, spouses will always fight to retain assets that are the most valuable. However, this is not always the case. According to the American Psychological Association, research that has examined property division and divorce has noted the influence of the “endowment effect.” This concept states that a person will be more likely to place value on an object when the person owns it. However, how strongly that person feels that ownership will affect how much value he or she places on that object.
Not all Ohio residents will feel that their divorce judgment was fair or just. Some might feel one spouse unfairly received more assets due to bad information or unfair maneuvers carried out in the divorce proceeding. However, Ohioans are not without recourse. According to the Ohio State Bar Association, you can challenge a divorce decree by filing for a motion for relief from judgment.
Ohio couples generally sign prenuptial agreements to establish how to divide property and finances in the event of a divorce. However, this does not mean that a prenup is fullproof. There are circumstances that can cause a court to invalidate parts of a prenuptial agreement, either at the time of filing, or sometime down the road during a divorce proceeding.
Real estate is a valuable asset for many Ohio residents, so in the event a couple decides to divorce, a piece of property owned by one of the spouses might be claimed as co-owned by the other party and is entitled to a piece of it. The question of real estate can be tricky in a divorce proceeding, so discerning whether property is not subject to divorce claims is important.