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Is my retirement account marital property?

On Behalf of | Dec 29, 2022 | Divorce

Property division can be a highly contentious aspect of divorce. Divorcing spouses often have strong ideas about what constitutes a fair division of property, and in many cases, the court must determine how to distribute property.

According to Ohio state law, the court must distribute marital assets equitably.

What is separate property?

Separate property generally includes the following:

  • Inheritances you received during the marriage
  • Property you acquired before the marriage
  • Appreciation or passive income from separate property
  • Property you acquired after legal separation
  • Some personal injury settlement funds
  • Gifts you received during the marriage

The court generally regards any other property you acquire during your marriage as marital property.

Is my retirement account marital or separate property?

State law regards retirement accounts as marital property. Even if the account is in your name alone, your spouse likely has a right to a portion of the funds if you contributed to the account during your marriage.

Will my spouse get half of my retirement account?

Equitable distribution does not mean that the court will divide your retirement account equally between you and your spouse. There are many factors to consider, including the length of your marriage and your other marital assets.

You may be able to keep your entire retirement account in exchange for other assets of equal value. If your spouse has his or her own retirement account that is of similar value to yours, the court may leave both accounts intact.

When dividing valuable assets, some compromise is often necessary. It is important to understand what the law regards as separate and marital property.

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