Columbus Property Division Lawyers
Working for a Fair & Just Property Settlement in Your Divorce
When confronting the matter of divorce in Ohio, you will likely have to face the issue of dividing your marital property and debts with your soon-to-be ex-spouse. This can be a complicated and often highly contentious matter, especially in view of “dividing” the family home and other relevant assets. It is important to understand how Ohio courts view this matter and how they operate when it comes to settling it if you and your spouse cannot negotiate the issue on your own. Many factors will play a part in its resolution, from prenuptial or post-marital agreements to whether spousal support will be provided, what the disparity in come will be between you and your spouse, and more.
At Boller & Petty, LLC, we have considerable experience managing the issue of property, asset, and debt division and working towards favorable resolutions that can be agreed upon between you and your spouse. Our firm handles divorce and its related issues day in and day out both inside the courtroom through litigation proceedings and outside the courtroom through negotiation techniques. We are dedicated to helping you resolve your property division issue in the most fair and just way without sacrificing your best interests or those of any children involved.
How is Marital Property Divided in Ohio?
The first determination to be considered in the division of marital property is to establish what is and what is not “marital.” Any separate property owned by you prior to marriage or gifts or inheritances titled to you separately during the marriage are viewed as “separate” as opposed to “marital” property. Only when this property becomes commingled into the marital finances will it become partially or wholly marital, depending on the circumstances. Often, separate property is established and covered in prenuptial or post-marital agreements which will protect it according to the owner’s wishes in the event of a divorce or death. All other marital property is that property that is acquired during the course of the marriage.
Ohio resolves the issue of marital property under the guideline of what is “fair and equitable.” Unlike community property, this does not translate into a 50-50 division. Rather, property and debt are divided according to what is considered to be fair based on a variety of factors. If you and your spouse can agree on how to reasonably divide your debt and assets, you can have it written up into a property settlement agreement to be submitted to the court. If you cannot, the matter will have to be decided by a family court judge in the judicial process.
Factors that can influence how such a settlement will be reached can include:
- How long the marriage lasted
- You and your spouse’s assets and liabilities
- Who will have major custody of children and whether or not he or she will be provided with the family home for this purpose
- Non-economic contributions made to the family by either spouse, such as a homemaker or stay-at-home mother
- What each spouse contributed to the financial aspects of the marriage
- Tax consequences
- Costs of sale of property or of sale of other assets
- The retirement benefits that each spouse may have accrued
- How liquid the various assets may be
- Any other considerations that would influence a fair division of property or debt, such as alimony, marital or financial misconduct, squandering of assets, and more
Boller & Petty, LLC is Here for You
Divorce can be one of the most emotionally and financially-challenging experiences you will ever face. Our firm is here to provide high-quality and caring support to help get you through this difficult time and to ensure that your legal rights under Ohio law are protected and pursued. No matter how complex it may be, we will do everything possible to affordably ease the way into a fair and just resolution on this matter as well as all others.
Contact our Columbus property division lawyers at (614) 756-2827 today.