Divorce Lawyers

How Are Assets Divided in a Divorce in Ohio?

In the state of Ohio, assets are divided based on an equitable distribution principle. This doesn’t necessarily mean a 50/50 split but rather a fair division based on a variety of factors, including each spouse’s earning ability, the length of the marriage, the role of each spouse in acquiring the assets, and more.

Assets that are often subject to division in a divorce include:

• Real Property: This category encompasses any land and houses owned by either party or jointly. It includes not only marital homes but also vacation properties or rental properties. These properties can have a significant impact on the division of assets during a divorce, as their value and ownership rights need to be carefully evaluated and determined.
• Personal Property: This refers to tangible items that hold value, such as cars, furniture, jewelry, and artwork. During divorce proceedings, determining the value of these items can sometimes be a point of contention between the parties involved. In some cases, professional appraisals may be necessary to accurately assess their worth.
• Financial Accounts: This category includes various types of accounts, such as savings accounts, checking accounts, and certificates of deposit. These accounts represent a significant portion of a couple’s financial assets and are subject to division during a divorce settlement.
• Retirement Accounts and Pensions: Retirement funds, including 401(k)s, IRAs, and pension plans, can be considered marital assets and are subject to division. It is crucial to understand the tax implications and potential penalties associated with early withdrawal from these accounts.
• Investments: This category covers a wide range of investment vehicles, including stocks, bonds, mutual funds, and other investment accounts. The value of these investments can fluctuate over time and may have a significant impact on the division of assets in a divorce.
• Business Interests: If either spouse owns a business or has a share in a business, this is often taken into consideration during asset division. Evaluating the fair market value of the business and determining the appropriate division of assets can be complex and may require the involvement of financial experts.

It’s important to note that the division of assets can be complex and often requires legal and financial specialization. Therefore, getting help from a skilled attorney is often crucial for protecting your interests and ensuring a fair division of assets.

Division of Debts in Ohio Divorces

In Ohio, similar to assets, debts are divided according to “equitable distribution” principles. However, it’s pertinent to understand that equitable doesn’t necessarily mean equal. The division is designed to be fair, taking into consideration various factors, including the duration of the marriage, each spouse’s income and future earning capacity, and the manner in which the debt was incurred.

A crucial distinction in this process is between “marital” and “non-marital” debts. Marital debts are those acquired during the marriage, regardless of whose name is on the debt. This includes mortgages, vehicle loans, credit card debts, and, in some cases, student loans. These are generally divided between spouses. One way secured debts are handled is by assigning one party the responsibility of paying off the remainder of the loan while receiving the asset itself. For example, you may be awarded the house in a divorce, but you are also now solely responsible for the mortgage.

Non-marital debts, on the other hand, are those that were incurred either before the marriage or after separation. These typically remain the responsibility of the individual who incurred them. That said, determining what constitutes marital and non-marital debt can be complicated. Therefore, it’s wise to consult with a knowledgeable attorney who can guide you through the intricacies of your specific situation.