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Amy M. Levine
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Dividing Debts, Assets And Real Property In Divorce
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With offices in Columbus, Ohio, and Huntington, West Virginia, Amy M. Levine & Associates 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 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 divorce attorney who has handled complex financial issues for divorcing clients in Franklin County and throughout the surrounding areas.
Speak With An 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.
Amy M. Levine
View Profile
Our Latest Blog Posts
Comparing personal bankruptcy options
When you think of bankruptcy, what comes to mind? Is it financial salvation? Probably not. More than likely, thoughts of overwhelming debt and wondering how you will recover from this financial pitfall without descending into financial ruin are filling your mind....
What factors can cause an incorrect breathalyzer reading?
Have or someone you know been pulled over by the police for suspicion of drinking and driving? Then the officer asked you to take a breath test to measure your blood alcohol concentration, and you blow way higher than you expected? You can honestly claim that you...
Personal bankruptcy can help young professionals
Fresh out of graduate school, you found work in your field. But this is, after all, the gig economy. Your job is as a contractor, and you do not benefit from all the perks that full-time employees get. For example, no health benefits. But this may be the least of your...
Consider these 4 factors for settling your divorce or going to trial
Most people who decide to end their marriage look for the least painful process, especially if they have children. However, coming to an agreement with a soon-to-be-ex isn’t always easy. Many couples decide to work together to find common ground over their children’s...
4 mistakes to avoid if you get into a car accident in the Columbus area
If you're lucky, you will never get into a serious car accident. But the chances are good that it will happen to you sooner or later. No matter how skilled and careful of a driver you are, there are plenty of bad and dangerous motorists throughout the Columbus metro...
Visit Our Blog
