The division of assets is one of the principal matters to be resolved before a divorce can be finalized in Ohio. It is also one of the most contentious issues.
Unless couples can agree amicably through discussions about how the matrimonial estate is divided after divorce, legal assistance will likely be required to settle matters.
The division of assets lawyers at Nielsen Miller Law in Columbus, Ohio have the necessary skills to help couples work through these issues and seek mutually beneficial solutions—through collaboration, alternative dispute resolution methods like mediation, or, as a last resort, litigation.
How is marital property divided in Columbus, Ohio?
In Ohio, divorcing couples can divide assets any way they choose by a signed agreement submitted to the court.
However, it is unwise to do so without a full understanding of your legal property division rights. Besides this, disputes often arise and, if the matter ends up in court, strict legal guidelines will apply to the asset and debt division.
Under the terms of Ohio law, Ohio Revised Code section 3105.171, the state applies the “equitable division” principle to marital property division during a divorce. This does not necessarily mean a 50/50 split but sometimes that is deemed the fairest (most “equitable”) way to divide assets.
The Ohio courts start with a presumption that equitable does mean equal but a judge has the scope to order an unequal division based on the facts of each case.
Under the terms of the Ohio statute, judges must consider multiple factors before deciding on how to divide assets.
Factors determining the division of assets in Ohio
When dividing a marital estate, the Ohio courts consider the following factors:
- The duration of the marriage
- The contribution of each spouse to the marriage
- The intended use of the family home and if children will be raised in it
- The liabilities and assets of each spouse
- How important it is to keep an asset “intact”
- The implications of tax on the asset division
- The value of any distributed property
- Any other relevant factors
If a voluntary division agreement was made during the marriage, such as a prenuptial or postnuptial agreement, this will be considered. Provided the agreement is comprehensive and legally enforceable, its terms may dictate how property is divided after a marriage ends.
Division of marital debt
When a couple separates and divorces with debt, this debt must also be divided equitably. All debts acquired during the marriage are considered marital debts that are the equal responsibility of both parties to pay—unless it is proven that one spouse acted recklessly to accumulate the debt.
As the division of assets is discussed and negotiated, any debts must also be factored in.
How can our Columbus lawyers help you divide assets?
Divorce is stressful enough without a long, drawn-out legal wrangle over the division of assets or debts.
At the same time, it’s important to protect your financial future and plan the best you can for self-sufficiency, especially if you have children together.
The division of assets and debts is considered separate but related to other financial matters during a divorce, such as child support and spousal support. Our division of asset lawyers can help you make sense of it all, protect your legal rights, and make informed decisions before signing any paperwork.
This may involve negotiation and collaboration with your spouse’s lawyer, mediation sessions to resolve disputed matters, or even litigation if you cannot agree on a fair settlement.
What is considered marital property?
Before you can divide assets or debts, we’ll help you identify and value assets that are considered marital property. Importantly, this does not depend on the property’s title. Whether the title is in one spouse’s name or is “co-owned,” the following types of assets are considered marital property:
- Savings and bank accounts
- Real estate, including the matrimonial home
- Vehicles
- Pensions and retirement accounts
- The increase in value of some assets brought into the marriage by either party
- Any other assets accumulated during the marriage
If you are unsure about the value of these assets, we’ll help you assess their value so that you don’t part with more than your fair share.
Often, the most contentious property division matter is the family home, especially if you have children. Our lawyers can usually recommend solutions for overcoming any legal hurdles involved with this.
Another potential issue is with pensions and retirement accounts, such as 401(k)s and 403(b)s. These are also considered marital property in Ohio and often constitute a major proportion of the marital estate, so it is essential to have them properly valued and divided.
Our lawyers can help you gather and share information about all of your assets and debts so that they are accurately valued—and then assist with the division process.
What is considered “separate” property in Ohio divorces?
Separate property is classed as:
- Any assets owned before the marriage and brought into the marriage (though the increase in their value may be subject to division)
- Any gifts received from third parties
- Any inheritance intended for one spouse
- Proceeds from an insurance claim, e.g. pain and suffering proceeds from a personal injury lawsuit
The onus is on the owner of the property to prove ownership if it is disputed by the other spouse.
FAQs
Who gets the family home in a divorce?
There is no general rule for who gets the family home in a divorce in Ohio. The court will consider multiple factors, including child custody and parenting matters, the length of the marriage, the earning capacity of both spouses, each spouse’s preferences, each spouse’s needs, the assets available to each spouse, and more.
When is a gift or inheritance considered marital property in Ohio?
If a gift or inheritance was given to the spouses jointly for the benefit of both spouses, it would normally be considered marital property in Ohio.
What does “during the marriage” mean in property division?
“During the marriage” generally means the period from the date of the marriage through the date of the final hearing in a divorce or legal separation. If a judge considers it unfair to use this date, another date may be allocated.
Contact Nielsen Miller Law Today
Contact Nielsen Miller Law today for a 30-minute consultation or call us at 614-505-5555 to discuss your Ohio division of assets case in detail, and to learn how our experience and resources can work for you.
