Equitable distribution in an Ohio divorce
Ohio follows an equitable distribution of property model when separating property and assets for couples who are going through a divorce.
Going through a divorce in Ohio can be extremely overwhelming, especially when it comes to division of marital property and assets that have been accumulated during the marriage. Whether the couple wishes to separate their own property and assets by attending mediation sessions, or they would rather leave the fate of their property in the hands of a judge, dividing martial assets can be complicated and emotional.
Equitable distribution of property
Ohio follows an equitable distribution of property model, which enables the judge who is presiding over the case to separate property and assets fairly, not necessarily equally. The judge will determine who gets what after carefully considering the specific circumstances of the divorce, according to the Huffington Post. Ohio code describes the following as factors the judge will look at when separating marital property:
- The income, assets and liabilities of each spouse, including retirement benefits.
- How much the marital property is worth.
- Whether it would be financially beneficial to keep the assets together rather than separating them for distribution. The judge will look at how much the property or asset will cost to sale and if there would be any tax consequences of selling the asset.
- How long the marital union lasted.
- Which spouse has been given custody of the children.
Each spouse is required to disclose all information regarding their marital and separate property in order to help the judge make his or her final decision. If one spouse is caught attempting to conceal property or assets, the judge may award the other spouse a greater share of the property, according to Ohio code.
What is separate property?
Not all property involved in a divorce is considered marital property. Ohio code indicates that there are certain items that may be listed as separate property, and those items are ineligible for division during a divorce. Property or assets that a person owns before entering into marriage or that are given as a gift to someone during a marriage, including inheritance, are considered separate property.
According to Forbes, separate property may become marital property if the owner of the property adds the spouse to the title or deed. Once this occurs, the property may qualify for equitable distribution. Also, any separate assets that are deposited into a joint bank account can become marital property as well.
Find legal representation
Many people who are going through the divorce process are faced with strong emotions, which may impact their ability to make decisions regarding their settlement. An attorney can offer essential legal aid that can help people make the best decision possible when it comes to their divorce settlement.
Keywords: divorce, property, equitable, distribution