When you enter a divorce proceeding, the idea of losing property and assets you feel belong to you can be infuriating. Since your property and assets will help define your financial security as a single person post-divorce, you will want to ensure you are both educated on how property is divided, and that you are getting a fair settlement deal from the courts and your spouse.
Many states have similar laws, but depending on where you live, the details of what determines property division can differ somewhat significantly. For those in Ohio, this article will help you understand the way your property is likely to be divided, and what you can do to ensure you are receiving a fair settlement.
In some states, such as Alaska and California, the “community property” law is enacted to determine property and asset division. However, Ohio instead uses the “equitable distribution” method instead. Only by understanding the way the equitable distribution method works will you be able to secure yourself post-divorce.
Simply put, in an equitable distribution model, debts will be split evenly, but not necessarily equally. The judge will take into account the financial situation and past ownership of your property and assets to determine how to best split property in an “even” manner. To ensure property that in no way belongs to a spouse is not taken away, the property in question will be divided into “marital” and “non-marital” property. Understanding these terms can be very useful when planning potential asset/property distribution agreements with your attorneys and accountants. The definitions of these types of property are as follows:
Marital Property: Any property gained by either spouse during the duration of a marriage, including bank accounts, homes, vehicles, business partnerships and more.
Non-Marital Property: Property acquired by gift, legacy, or inheritance OR any property acquired before a marriage, or after a legal separation. Income and assets gained directly from the above-mentioned materials might also be considered non-marital property in some cases.
If you are in Grove City Ohio, going through a divorce, and need assistance in guaranteeing you receive the property and assets you deserve, the Jeff Buskirk & Associates team can help. We will dedicate ourselves to going through your financial records to build a case that will gain you the most valuable property/assets your marriage accumulated. Please contact us at your convenience to set up a free consultation!
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