When an Ohio couple gets married, they believe their marriage will last forever. Although many marriages last decades, a large percentage end in divorce. Couples who are going through a divorce know how emotional a situation a divorce can be. One of the main points of contention in a divorce is property division.
Ohio is an equitable distribution of property state. This means that all property acquired during a marriage belongs to both partners. During divorce proceedings, the court will determine which property is owned by one spouse or the other and which is jointly owned. Once this property is classified, the court will equitably distribute the marital property between the two spouses.
In Ohio, marital property includes property owned by both spouses such as retirement benefits, artwork, vehicles and other real and personal property. It also includes real estate, income and deferred compensation accounts. Separate property may include an inheritance to one spouse only, interest acquired from a separate property that has not comingled with marital property, property excluded in a prenuptial agreement and any gift given to one spouse during the marriage. The courts may look at some property in a special light including the family home if there are children involved in the marriage and how long the marriage lasted.
Property division can be a contentious issue for Ohio couples. An attorney can make sure their client emerges from the divorce process ready to begin a new life. They understand how important it is for their client to receive an equitable share of the assets and how the law affects property division.