Setting an appointment with an Ohio divorce lawyer may make you feel like you've given up on your marriage. However, doing so at that first sign that your marriage might be ending could give you a significant advantage if you decide to get divorced. Information...
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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
Contact a divorce lawyer early to gain an advantage
Setting an appointment with an Ohio divorce lawyer may make you feel like you've given up on your marriage. However, doing so at that first sign that your marriage might be ending could give you a significant advantage if you decide to get divorced. Information...
Three things you should photograph after an accident
A car accident can happen in the blink of an eye and leave a victim in a perplexed state. It can be hard to remember what you should do after an accident, and failing to take some crucial steps can cost you. A car accident can cost thousands of dollars if medical...
Looking out for yourself in ‘gray’ divorce situations
Although there were years of understanding between you and your spouse, you noticed changes in your relationship. These changes were less-than-subtle. Exclusion. Abruptly, you found yourself attending fewer country club-related social functions with your spouse. Cut...
The duties of an estate’s executor
If you have been named the executor of a loved one's estate, you will have a big responsibility to perform someday. Before your family member passes away, you should know exactly what it means to be an executor in Ohio: what your duties will be and what can happen....
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A car accident can be a harrowing experience, and individuals may say or do things after a car accident that are problematic for them in the future. Drivers in Ohio and elsewhere should keep a few common mistakes in mind so that they can protect themselves after being...
Visit Our Blog