Columbus Property Division Lawyers

How is Property Divided in a Divorce in Columbus, Ohio?

In Ohio, the law adheres to an equitable distribution method when dividing property during a divorce. This means that all marital assets and debts are divided in a manner considered fair, taking into account various factors. It’s important to note that the term ‘property’ encompasses not only physical possessions and real estate but also financial assets that may include retirement funds, stocks, and investments.

When determining the division of property, the court considers several key factors to ensure a just outcome. These factors include the duration of the marriage, the assets and liabilities of each spouse, the potential tax consequences, and the earning abilities of each spouse. Additionally, the court may also take into account the contributions made by one spouse to the education, training, or earning capacity of the other spouse.

Navigating the complexities of property division in a divorce can be overwhelming. That’s why it’s crucial to seek guidance from an experienced property division lawyer from our firm. With our experience and knowledge of Ohio’s property division laws, we can ensure that the division is conducted fairly and in accordance with the law. You can rely on our guidance throughout this intricate process to protect your rights and interests.

How are Property Division Disputes Resolved?

When a couple decides to part ways, property division can be one of the most contentious issues to resolve. This process typically begins with identifying both marital and separate property. Marital property includes assets acquired during the marriage, while separate property refers to anything owned prior to the marriage or received individually as a gift or inheritance. Once items and debts have been collected, sorted, and appraised, there may be disputes. These disputes are generally settled in three ways:

Mediation

Mediation is an alternative dispute resolution method commonly used in property division cases. A neutral third-party mediator facilitates communication between the divorcing couple to help them reach a mutually agreeable settlement. Property division lawyers often recommend mediation as it promotes a less adversarial approach and provides more control over the outcome than traditional court proceedings. The mediator does not make decisions but guides the parties toward consensus on how to divide their assets and liabilities. If successful, the agreed terms are drafted into a binding agreement. This method can save time, reduce stress, and preserve relationships, which is particularly important when children are involved.

Arbitration

Arbitration is another option for property division disputes, providing a more formal alternative to mediation. In this process, an arbitrator, usually a seasoned property division lawyer or former judge, hears the case and makes a binding decision. Both parties present their arguments and submit evidence, similar to a court trial, but the proceedings are private and typically quicker. Arbitration can be a preferred option when parties seek a definitive resolution but want to avoid the time, cost, and public nature of a court trial. It’s important to note that once an arbitrator’s decision is made, it is very difficult to appeal.

Litigation

Litigation is often the last resort for property division disputes, utilized when other dispute resolution methods have failed or are inappropriate. In litigation, each party’s property division lawyer presents their client’s case before a judge, who then makes a binding decision. This process is public and can be time-consuming. However, in certain complex cases, litigation may be the only option to ensure a fair division of assets. It’s crucial to have an experienced property division lawyer to navigate the complexities of litigation properly.