Property Division After Divorce: What’s the Law?
One important question that couples commonly have during a divorce is, “How do we decide who gets what property?” You’ve worked hard throughout your
marriage, whether at a job that provided for your family, or at home caring for
your family. You shouldn’t have to spend the final months of your relationship
prior to your divorce being finalized fighting for what you deserve. In Ohio, the
answer to the question, “Who gets what?” is determined by several factors.
Ohio is an Equitable Distribution state. This means that both spouses are
considered to contribute equally to the marriage. So, all marital property must
be divided equally or equitably (when necessary) between both spouses. It’s the
court’s job to decide how that happens.
Marital property includes:
Any personal property
acquired by either spouse, or
both, during the marriage.
Any accounts including:
bank savings or checking
accounts, retirement plans,
All income and appreciation
value on either spouse’s
separate property due to the
contribution of either spouse,
or both, during the marriage.
There are some exemptions as to what exactly qualifies as marital property, so a divorce attorney will help you protect what’s truly yours during the property division.
As always, anytime you and your spouse can amicably divide up your property on your own, then this process will go much more smoothly. If the courts
are involved, they will look at many different factors such as the length of your marriage, the assets and liabilities of each spouse, any parental custody arrangements, or even any costs related to selling property prior to division, to determine what would be equitable and fair.