The Basics of Ohio Property Division Laws
Property division is a major issue that must be addressed when getting a divorce in Ohio. Court orders issued in regards to this matter can impact your ability to recover financially from divorce, now and for years to come. Our Ohio property division attorney explains some of the basics, but it is important to get professional legal help to address this matter specifically in your divorce case.
How Marital Property is Divided in An Ohio Divorce
Every state has its own laws when it comes to divorce proceedings. While there are some general procedures that apply, one area that varies dramatically is property division.
In some states, marital property is split on an equal basis between the spouses, regardless of the situation. Other states follow the rule of equitable division. Ohio is one of them, which means that a judge will consider certain factors in your case in determining how to divide marital property in a way that is fair and reasonable for both parties involved. Under the Ohio Revised Code, these factors include:
- The length of the marriage and each party’s contributions to it;
- Their individual incomes and the amount of premarital property each spouse possesses;
- Any actions they may have taken during the marriage in either increasing or decreasing the value of the property;
- Whether there is a pre or post-marital agreement in place;
- The tax implications of any potential settlements.
Marital Property in Ohio
Marital property division in Ohio applies to anything acquired, earned, or otherwise accumulated over the course of your marriage. When filing for a divorce through the Ohio Courts, there are certain forms you will need to fill out, which include financial disclosures. These detail all marital property and assets the couple possesses, including:
- Homes, land, rental or vacation properties, and other real estate;
- Cars, trucks, motorcycles, boats, or other vehicles;
- Household furnishings;
- Artwork and antiques;
- Hobby supplies and collectibles;
- Personal items, such as furs and jewelry;
- Shares in businesses;
- Money in bank accounts;
- Investment and online assets;
- Pensions, 401ks, and other retirement benefits.
Failure to disclose marital property, attempting to hide it from a spouse, and giving it away or destroying it to avoid equitable division could result in serious penalties. If your spouse engages in this type of behavior, it could entitle you to additional amounts in any final settlements or orders issued.
Speak With Our Ohio Property Division Attorney Today
At Fout Law Office, our goal is to ensure you get the maximum amount you are entitled to in regards to marital property division in divorce. Speak with our Ohio property division attorney about the specific details in your case. Give us a call or contact our office online and request a consultation today.