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.
Located in Cincinnati, The Law Office of John Heilbrun provides assistance to clients going through the complicated and sometimes emotional process of dividing marital assets and debts. Attorney John Heilbrun has more than 40 years of legal experience, and he takes a hands-on approach to protecting clients’ interests with the aim of ensuring a fair and equitable division of assets and debts.
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 they were accumulated during the marriage:
- Real estate and mortgages
- Funds on deposit
- Retirement benefits
- Stock, 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, as well as 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 any personal injury suffered during the marriage. However, even separate property is subject to division by the court if the court determines that it would be equitable to do so. Such a result can occur in cases where one or both spouses earn high incomes or when 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 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
- 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 A 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 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.
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 is ready to provide his undivided attention for residents across Southern Ohio, including Warren, Hamilton and Clermont counties. Call 513-548-5606 or send us an email to schedule a consultation in our Blue Ash office.