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Dividing marital assets and property division during divorce

On Behalf of | Feb 4, 2015 | High-Asset Divorce

An Ohio divorce requires a couple to divide marital assets, including property and financial accounts. This is a complex process, both practically and emotionally, and it can be especially stressful when there are disagreements regarding what qualifies as marital assets. State law clearly defines marital assets and how they will be distributed during divorce proceedings. 

Marital property typically includes anything that was acquired or bought over the course of the marriage. This includes houses, retirement accounts, vehicles and other assets. Inheritance, property purchased before the marriage and money earned before the marriage is generally not marital property. If there are concerns about protecting certain property, it is clearly best to consult with an attorney.

Ohio recognizes several different methods for dividing and distributing assets in a divorce. A couple may choose to work together in order to achieve a divorce settlement that is mutually beneficial for both parties. If unable to come to an agreement, the parties may choose to pursue their desired outcome in a family court. In either situation, financial records and other documents may be presented in order to support any claim that a particular property or other asset is — or is not — eligible for division during a divorce. 

Ideally, a couple can work together to amicably resolve the division of marital assets and other divorce issues. In reality, this process can be complicated and tedious. Fortunately, it does not have to be navigated alone. The benefit of experienced legal counsel is not just for High Asset couples, but rather for any individual who wishes to fully understand his or her options during a difficult time. 

Source: Findlaw, “Ohio Marital Property Laws“, Accessed on Feb. 3, 2015

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