Dividing Debts, Assets And Real Property In Divorce
With offices in Columbus and New Albany, Ohio, Amy M. Levine & Associates, Attorneys At Law, LLC, helps clients protect their financial interests throughout the divorce process.
Dividing Assets Equitably In Ohio
Each state has its own set of laws regulating the division of property during divorce or dissolution. In Ohio, all assets acquired by either spouse during the marriage are considered marital property. This property is divided equitably during divorce or dissolution.
Do keep in mind that “equitable” does not always mean “equal.” If one spouse has caused financial harm to the other, the court may redistribute assets to compensate for that harm. In addition, assets that one spouse held before the marriage, gifts made to one spouse, inheritances and personal injury settlement proceeds are not considered marital property.
Real property, such as the marital home or any rental property, is difficult to divide fairly. In some cases, couples may choose to sell the house and divide the income, or offset the value of the marital home by providing additional cash to the other spouse. A knowledgeable complex asset division lawyer can help you reach a fair resolution and, if necessary, fight for your interests in court.
The Division Of Debts Is More Complicated
Ohio law does not set out specific guidelines for the division of marital debt, which means judges have significant discretion in assigning debt to divorcing couples. This means that the division of debts may vary on a case-by-case basis.
Because there is no formula for dividing debts, it is quite common for spouses to disagree about who should be responsible for which liabilities. It is wise to protect your financial interests by working with an experienced high-asset divorce attorney who has handled complex financial issues for divorcing clients in Franklin County and throughout the surrounding areas.
Speak With A Columbus Divorce Attorney About Your Financial Concerns
With extensive experience guiding clients through high-asset divorce and dissolution proceedings, we know what it takes to protect your interests. To arrange a consultation, please call us at 614-360-2942 or contact us online using our intake form. We look forward to helping you preserve your financial wellbeing and your legal rights.