Legal Counsel And Guidance Through The Property Division Process
When a marriage terminates through divorce or dissolution, the manner in which the spouses’ property and debt are 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 the division is fair and reasonable, which is not the same as equal.
Defining Marital Property And Debt
Generally, “marital” property and debt are any property or debt 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 are marital property and debt if accumulated during the marriage:
- Real estate and mortgages
- Funds on deposit
- Retirement benefits
- Stocks, bonds and life insurance
- Automobiles and other vehicles
- Household goods and furnishings
- Credit card debt
The court may identify additional marital property and debt.
Spouses Keep Their Separate Property
Separate property is generally not divided in a divorce or dissolution. Separate property includes the property or assets that either spouse had at the time of the marriage and property or funds gifted to or inherited by one of the spouses during the marriage. Compensation can also be paid to one of the spouses for personal injury suffered during the marriage. However, even separate property is subject to division if the court determines it would be equitable to do so. Such a result can occur in cases where one or both spouses earn high incomes or if one spouse has separate assets of significant value.
Guidelines For Equitable Property Division
In Ohio, the law directs the court to divide marital property and debt equitably, presuming that equality is equitable. However, in some instances, the court may not believe equality 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
- Tax consequences
- The cost and impact of the sale
- Property liquidity
- The duration of the marriage
Other factors may also influence the division.
Negotiation With Spouse Often Yields Best Results
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.
Experienced Legal Guidance Is Vital
Determining whether the property is marital, separate or a combination of both can be complicated. Likewise, determining an equitable division of the property can be extremely difficult. Experienced Ohio divorce attorney John Heilbrun can help you achieve an equitable property and debt division based on all relevant factors.
Determining an equitable division of property can be incredibly complex. Experienced Ohio complex divorce attorney Heilbrun is ready to help you achieve a truly equitable division of property based on all relevant factors.
Contact The Firm Today
If you live in or around Cincinnati, Ohio, and are looking for a divorce attorney, please contact The Law Office of John Heilbrun using this site’s contact page or call 513-548-5606 to schedule an appointment at the office today.