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.
One of the best ways to prevent arguments and problems with assets during your divorce settlement in Ohio is to have a prenuptial agreement. This legal agreement can be used to predetermine who gets what should a divorce occur. It is beneficial for both of you.
One of the most difficult aspects of getting divorced in Ohio is dividing up the property that you and your spouse have accumulated during your time together. Whether you were married for forty years or four months, you likely have souvenirs, furniture, vehicles and other valuables that will need to be split once your divorce is complete. This process can be even more complex for artists. If you have sculptures, paintings, carvings, drawings or other pieces that you have created during your marriage, you will need to divide these items as well. We at the Law Office of Kristen L. Campbell have experience splitting artwork and can guide you as you determine how to split these priceless treasures.
If you were to ask your family, friends, co-workers and Hamilton neighbors, it is likely that most of them would say that they do not condemn or reject or judge a person who gets a divorce. You don't need to poll them, however.
With so much political drama and turmoil dominating the headlines in Cincinnati media, news of an important, recent U.S. Supreme Court ruling slipped through the cracks. The nation's high court ruled recently that states cannot change the amount of a veteran's retirement pay that a former spouse receives in order to make up for a loss caused by the vet's decision to receive disability benefits.
Among the variety of topics we explore in our Butler County Divorce Law blog are the ways in which people can make their split less hostile. If a divorce is less hostile, it is likely to take less time and cost you less money.