Filing for bankruptcy is a significant decision, especially when you have concerns about the lasting effects on your credit. Unfortunately, many people are unfamiliar enough with the bankruptcy process that they make mistakes as they prepare to file. There are a few...
Family Law
Bankruptcy Law
Probate
Personal Injury
Amy M. Levine
View Profile
Our Latest Blog Posts
Why it’s never too early to see a divorce lawyer
Divorce in Ohio is an emotional and challenging time for all involved parties. The decision to seek legal representation might be upsetting, yet it becomes necessary due to various circumstances. The following may help you know when to seek legal help and how it can...
Common mistakes that can jeopardize a car accident claim
Being involved in a car accident can be a traumatic and stressful experience. In the aftermath of an accident, it's important to take the necessary steps to protect your rights and ensure that you receive the compensation you deserve. However, many people make...
Understanding undue influence and proving a will
Administering an estate does not always go smoothly. Unfortunately, not everyone acts in good faith when someone with substantial assets dies. Malicious individuals might try to take advantage of a sick or elderly person to inherit their wealth. Understanding the...
Issues that most people overlook in divorce in Ohio
Although divorce is often narrowly thought of as a legal process involving the division of assets, there are other important concerns that can be overlooked during this time. It is essential to consider these factors when making decisions, especially if you and your...
Visit Our Blog
Dividing Debts, Assets And Real Property In Divorce
Contact Us For A
Free Consultation
Bold labels are required.
With offices in Columbus and New Albany, Ohio, 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 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.
Amy M. Levine
View Profile
Our Latest Blog Posts
Things to do before you file bankruptcy
Filing for bankruptcy is a significant decision, especially when you have concerns about the lasting effects on your credit. Unfortunately, many people are unfamiliar enough with the bankruptcy process that they make mistakes as they prepare to file. There are a few...
Why it’s never too early to see a divorce lawyer
Divorce in Ohio is an emotional and challenging time for all involved parties. The decision to seek legal representation might be upsetting, yet it becomes necessary due to various circumstances. The following may help you know when to seek legal help and how it can...
Common mistakes that can jeopardize a car accident claim
Being involved in a car accident can be a traumatic and stressful experience. In the aftermath of an accident, it's important to take the necessary steps to protect your rights and ensure that you receive the compensation you deserve. However, many people make...
Understanding undue influence and proving a will
Administering an estate does not always go smoothly. Unfortunately, not everyone acts in good faith when someone with substantial assets dies. Malicious individuals might try to take advantage of a sick or elderly person to inherit their wealth. Understanding the...
Issues that most people overlook in divorce in Ohio
Although divorce is often narrowly thought of as a legal process involving the division of assets, there are other important concerns that can be overlooked during this time. It is essential to consider these factors when making decisions, especially if you and your...
Visit Our Blog