In an ideal world, divorcing spouses would agree on how to divide property acquired during their marriage. In reality, it can be difficult to reach a compromise, so a court must make the determination on asset division. Either way, it’s necessary to conduct an in-depth assessment of all assets and debts to ensure each spouse gets an equitable share. Disputes can be expensive and time-consuming.
At Fout Law, our property division team has the attention to detail necessary to represent your interests when the time comes to divvy up assets. Attorney Teresa Fout is a creative problem-solver, with negotiation skills to help you reach an agreement with your spouse. However, she’s also an experienced trial lawyer that will take the battle to court if necessary to protect your rights.
Under Ohio law, all property acquired during the marriage is subject to division when a couple divorces. Marital property is treated differently from separate property, which is deemed as belonging to one spouse; an inheritance, certain types of gifts, and assets individually owned prior to the marriage fall into the category of separate property.
A court is required to divide marital property “equitably” between spouses in the absence of an agreement, though this concept doesn’t necessarily mean “equally.” Instead, a judge will consider what is fair and just in distributing property to the parties, including:
Instead of going to court to have a judge make a determination on asset division, parties may employ other methods to divvy up property. These approaches are often preferred because they put divorcing spouses in control over the outcome, rather than relying on legal formulas that may not be desirable for either party.
Property division is one of the most contentious issues in an Ohio divorce case, so you need an experienced lawyer to represent your interests. Whether we’re preparing an agreement to divide assets or representing your interests in court, you can be sure we’re looking out for your welfare. If you have questions about your case or would like to set up a consultation, please contact the North Canton, OH office of Fout Law at 330-437-7455. You can also visit our website for more information.