When couples decide to terminate their marriage in Ohio, or anywhere across the country for that matter, they must cover a series of topics as they create a divorce settlement. One of the most difficult topics to tackle may be property division. While the family home, vehicles and finances are often considered first when dealing with marital property, there are a host of other marital items that may be less common. It is crucial that people keep these items in mind in order to get everything they are entitled to in the settlement.
If you and your spouse are a divorcing Ohio couple, you may have concerns about how to divide your marital property, especially if you own antiques – or think you do. While most people believe that an antique is an old and valuable collectible, that “definition” is only the tip of a very confusing and subjective iceberg.
If you and your fiancé are an Ohio couple deep into the planning of your upcoming wedding, the last thing you probably want to think about is a prenuptial agreement. Prenups have received an unjustified bad reputation over the years as documents that rich people sign before getting married because they do not trust each other and therefore want to protect their respective assets from each other.
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.