Distribution of Marital Property in Ohio
One question that crosses every spouse’s mind once they decide to get divorced is how the property division will take place during the divorce. While some may assume that there will be a fifty-fifty split of the property, the same is not correct when it comes to Ohio family law. In Ohio, unlike “community states” that distribute property in half, there is an equitable distribution of property during the divorce process.
Equitable Distribution of Property in Ohio
Under Ohio laws, if the court gets involved in the distribution of property during the divorce process, the court will try to ensure that the division of the property is fair and equitable. Here it is important to note that the property to be divided not only involves assets accumulated over the duration of the marriage, but also the debts taken during the marital life. Both the assets and liabilities are divided based on certain factors. Further, Ohio laws distinguish between “marital property” and “separate property” while deciding the issue of property distribution.
“Marital Property” and “Separate Property” in Ohio
In Ohio, “marital property” includes the following:
- All real and personal property (including retirement benefits) currently owned and acquired by either or both during the marriage.
- Any interest in any real or personal property (including retirement benefits) currently owned and acquired by either or both during the marriage.
- Appreciation and income of either spouse’s separate property that happened during the marriage owing to the financial, labor, or in-kind contribution of either or both.
- Participant accounts in municipal and state deferred compensation plans, as per the applicable limits.
In Ohio, each spouse’s separate property is not included while calculating the “marital property.”
In Ohio, “separate property” consists of the following:
- Property acquired before marriage.
- Inheritance by one spouse during the marriage.
- Passive income or appreciation acquired by either spouse during the marriage.
- Property excluded through a valid prenuptial or antenuptial agreement.
- Property acquired after a decree of legal separation.
- Gift of property made only to one spouse after the marriage.
Factors Considered By The Court While Dividing The Property
Some factors that the court might consider while deciding the division of property during a divorce include:
- Duration of the marriage.
- Liabilities and assets of each spouse.
- The tax consequences of the division upon each spouse.
- The liquidity of the property being distributed.
- The desirability of awarding the family home to the spouse who has custody of the children (of the marriage).
- Any other factor that the court may find relevant and equitable.
Ohio Family & Divorce Attorneys
At Mark Ziccarelli Law, our team of experienced family and divorce lawyers has successfully represented clients in marital division property matters. Contact us today for an initial free consultation to learn how our lawyers can help you to ensure that your rights remain protected during the divorce process.