Important Questions About Property Division in Divorce

How does property get divided in Ohio?

The first step when it comes to property division is to determine what is marital property and what is separate property. Marital property is generally divided equally.

Marital property is any type of asset or liability acquired during the marriage except gifts, inheritances or personal injury awards for pain and suffering. Separate property also includes assets and liabilities acquired prior to the marriage, even if it is co-mingled with marital property, so long as it can be adequately traced.

What are tax consequences when dividing retirement funds in an Ohio divorce?

There are no tax consequences when retirement funds are divided in a divorce. Divorcing spouses even have a one-time opportunity to withdraw 401k funds without an early withdrawal penalty.

Do Stock options/RSUs get divided in Ohio divorce?

Stock options and restricted stock units earned during the marriage, regardless of whether they have vested, do get divided between spouses because they are deemed to be marital assets.