Trusted Cincinnati Property Division Lawyer

When you end your marriage in Ohio through divorce or dissolution, one important question is how your property and debt will be divided. Ohio law requires an equitable (fair) division of marital property.

To divide your shared assets and debts, you will first need to determine which of your assets and debts are marital, as opposed to the separate property of one spouse. Then, you need to consider what division of the marital assets and debts would be fair in your situation.

Process-wise, you and your spouse can negotiate or mediate asset division – or you can take the issue to court. If you can negotiate an agreement on asset division, you will have much greater control over the outcome.

You need quality legal counsel to protect your interests during property division. Attorney John Heilbrun has more than 40 years of legal experience and is passionate about helping clients through all aspects of divorce and dissolution. He can guide you through this complicated and sometimes emotional process, too. Call The Law Office of John Heilbrun in Cincinnati at 513-548-5606 today.

What Is Considered Marital Property In Ohio?

To put it simply, marital property (and debt) is anything acquired by either spouse during the marriage. Premarital assets generally remain each spouse’s separate property, with one important exception.

Any increase in a premarital asset’s value during the marriage is marital property, as long as that growth resulted from either spouse’s labor, time, or financial contributions. (Passive appreciation due to market factors remains separate property.)

With that understanding, Ohio courts would consider any of the following types of property and debt marital:

• Real estate and mortgages
• Bank accounts
• Retirement benefits
• Stock, bonds and life insurance
• Deferred compensation
• Automobiles and other vehicles
• Household goods and furnishings
• Credit card debt

Assets that the court determines are not marital remain each spouse’s separate property.

Separate Property Vs. Marital Property In Ohio

Separate property includes assets a spouse owned before marriage, keeping in mind the increases in value described above. Additionally, most assets or funds a spouse inherits or receives as a gifts are separate property, even if those events occurred during the marriage.

In Ohio, courts generally release separate property to its owner spouse. However, in certain circumstances, a court may issue a “distributive award” from one spouse’s separate property to the other to achieve equity. This could happen, for example, when dividing the marital property is impractical or to compensate for financial misconduct.

How Does Equitable Property Division Work In Ohio?

As you move through your divorce or dissolution, you will generally need to create a list of all your property and debts. Then, you will work with your lawyer to make a preliminary determination of whether each asset or debt is martial or separate. Finally, you will propose an equitable division of the marital assets and debts. In Ohio, there is a presumption that an equal division is equitable.

After that, you and your spouse will negotiate to reach a fair distribution. If you cannot agree, a court will need to decide.

In Ohio, the law requires courts to divide marital property and debt equitably, which generally means equally. However, the court could determine that equal is not the same as equitable in your particular case. The court can consider a variety of factors in making this decision, such as:

• The relative assets and liabilities of each party
• The duration of the marriage
• The desirability of awarding the marital residence to the parent with primary child custody
• Tax consequences
• The cost and impact of selling a particular asset
• Whether the property is liquid

Upon determining what is equitable, the court will issue orders dividing the property and debt.

Dividing Property Through Collaborative Divorce

It is almost always preferable if you and your spouse agree on a reasonable division of property and debts instead of allowing the court to decide 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 what route your divorce proceeding takes, attorney John Heilbrun can help you achieve a reasonable, fair, and equitable division of property and debt.

Protect Your Fair Share Of Assets. Call Today For Counsel.

Property division can be a sensitive topic in divorce because it deals with what you will have after the proceedings. With a reliable legal companion by your side, you can protect your fair share and preserve your future.

Attorney John Heilbrun provides dedicated legal counsel to clients across Southern Ohio, including Warren, Hamilton and Clermont counties. Call 513-548-5606 or contact the firm online to schedule a consultation at his Blue Ash office.