Property division is often one of the most controversial aspects of divorce. In many cases, it is difficult to ascertain who has the right to what.
Distribution is further complicated by the existence of high asset possessions, such as houses. One example of a disputed piece of property is a vacation home.
Ohio is an equitable distribution state
The initial presumption is that both spouses contributed equally to marriage assets. However, if the court finds that this is not the case, it divides property based on equity, or what is fair, rather than simply splitting everything in half.
Separate property and marital property are different
Marital property includes any acquired during the marriage. Separate property consists of property owned before the marriage. In general, the determination of who gets a vacation home depends on its status depends on if one spouse owned it prior to the union, in which it goes to the said spouse, or if it is a property obtained after the union, in which case it is subject to division. Depending on the circumstances, the classification of an asset may become complicated, though. Even if the vacation home was originally separate property, if the other partner’s name is on the lease, perhaps added later, the house is no longer separate property. It becomes marital property.
Property division has the potential to be simple, but complexities can arise if ownership of assets became muddled somewhere along the line. Mediation is one option that may help ensure each spouse receives the possessions they wish to during divorce proceedings.