When people decide to end their marriage, dividing their property often leads to questions. Do they have to divide their assets equally? What is really fair for their situation? Understanding how Ohio courts handle property division can help couples gain clarity during this process.
Who has a claim to your property?
Before dividing assets, it is essential to distinguish between marital and separate property. Marital property is your jointly-owned property. This includes most of the possessions, savings and even debts you or your spouse acquired during the marriage, regardless of whose name is on the title. Common examples are the family home, joint bank accounts and vehicles.
Separate property is the owned by one spouse before the marriage or acquired through inheritance or gift during the marriage. Separate property is typically not subject to division.
How does the court determine what division is fair?
Ohio is an “equitable distribution” state. This means that the court does not divide a couple’s property equally in divorce. Instead, Ohio courts consider various factors to determine what is fair for both parties involved:
- How long was the couple married? Longer marriages might result in a more equal division of property.
- What possessions and debts do the spouses have? The court assesses the value of all marital assets and liabilities.
- What are the economic circumstances of each person? The court considers the financial situation of each spouse, including income and earning potential.
- What did each spouse contribute to the household? The court considers all contributions to the household. This can include financial contributions or non-monetary contributions like work performed as a homemaker.
- How will the division impact each spouse’s tax burden? The court takes into account the potential tax implications of dividing certain assets.
- If the couple has children, what will their custody arrangement be? Custodial Provisions: If there are minor children involved, who retains custody might influence the division, especially concerning the family home.
Some couples reach an agreement through mediation or negotiation outside of court. However, if they cannot reach an agreement, the court will decide based on the aforementioned factors.
You can achieve a fair outcome
Understanding how Ohio law addresses property division can help couples prepare for the process. While it may not always be straightforward, knowing the basics of equitable distribution and the factors considered by the court can help you reach a fair outcome.