Legal Counsel And Guidance Through the Property Division Process
In the termination of a marriage through divorce or dissolution, the manner in which the spouses’ property and debt will be divided needs to be considered. According to Ohio divorce law, marital, real and personal property and debt are to be divided equitably, and there is a presumption that an equal division is an equitable one. Generally, “marital” property and debt is any property or debt that was acquired or incurred by either spouse from the date of the marriage to the date of the final divorce hearing or another date that the court might find to be equitable for the end of the marriage. Generally, all of the following will be considered to be marital property and debt if accumulated during the marriage:
Real estate and mortgages
Funds on deposit
Stock, bonds and life insurance
Automobiles and other vehicles
Household goods and furnishings
Credit card debt
Separate property is generally not divided in connection with a divorce or dissolution. Separate property includes the property or assets that either spouse had at the time of the marriage, property or funds that are gifted to or inherited by one of the spouses during the marriage, and compensation paid to one of the spouses for personal injury suffered during the marriage. However, even separate property is subject to being divided by the court if the court determines it would be equitable to do so. Such a result can occur in cases where either or both spouses earn high incomes or one spouse has separate assets of significant value.
Determining whether property is marital, separate or a combination of both can be an incredibly difficult and complex task. Likewise, determining an equitable division of the property can be extremely difficult. Experienced Ohio divorce attorney John Heilbrun is prepared to help ensure that you achieve an equitable division of property and debt based upon all relevant factors.
Determining an equitable division of property can be incredibly complex. Experienced Ohio complex divorce attorneyJohn Heilbrun is prepared to help ensure you achieve a truly equitable division of property based on all relevant factors.
Property Division Guidelines To Consider in Property Division
In Ohio, the law directs the court to divide marital property and debt equitably, with the presumption that equal is equitable. However, in some instances, the court may not believe that equal is equitable. Factors the court will consider in making this decision include:
The assets and liabilities of each party
The desirability of awarding the marital residence to the parent with primary child custody
The cost and impact of sale
The duration of the marriage
It is almost always preferable if you and your spouse can agree on how to divide your property and debts instead of allowing the court to make this decision for you. In the latter event, you and your spouse lose all control over the decision-making. One process available to resolve these issues by agreement is collaborative divorce. No matter which route your divorce proceedings take, attorney John Heilbrun can help you achieve a division of property and debt that is fair and equitable.