WHAT IS PROPERTY DIVISION?
Ohio law directs courts to follow the principle of “equitable distribution,” and are tasked with dividing marital property fairly. While “equitable” does not necessarily mean “equal,” an “equal” division is often the starting point for the court’s consideration.
During a divorce, the court must identify, value, and distribute all of the parties’ assets and debts. Ohio law distinguishes between marital property (generally property acquired during the marriage) and separate property (property owned before marriage or received by gift or inheritance). A party claiming a separate property interest in property bears the burden of proving that property is their separate property. While the courts typically award a spouse’s separate property to that spouse, courts have significant discretion in determining a fair, equitable division of the parties’ marital property based on numerous statutory factors outlined in R.C. 3105.171.
MARITAL PROPERTY IN OHIO
Types of marital property subject to equitable division can include:
- Real estate acquired during the marriage
- Retirement accounts and pension benefits earned during the marriage
- Bank accounts, investments, and other financial assets acquired during the marriage
- Business interests developed during the marriage
- Personal property, vehicles, and household goods
- Debts incurred during the marriage
CONSEQUENCES OF PROPERTY DIVISION
Once a divorce or dissolution decree is issued, property rights are permanently established. Retirement accounts may need to be divided through Qualified Domestic Relations Orders (QDROs). Real estate may need to be sold or refinanced to remove one spouse from liability. Debts assigned to one spouse need to be paid off or transferred or the debt can still affect the other’s credit. It is critical to obtain representation during the divorce process as failure to identify all assets during proceedings may result in the inability to assert a claim against these assets later.
CALL ZUKERMAN ABOUT PROPERTY DIVISION
If you are facing divorce or dissolution, protecting your financial future is crucial. Our attorneys have extensive experience identifying and evaluating complex marital estates and negotiating and litigating favorable property divisions. Without skilled legal representation, you risk receiving substantially less than your fair share of marital assets or being burdened with disproportionate debt.
Call Zukerman, Lear, Murray & Brown Co., L.P.A. today to protect your property interests as you navigate through divorce or dissolution proceedings.
