Divorce is a complicated process, and it is no surprise to Ohio readers that men and women approach certain aspects of divorce differently, including property division. In fact, the process of property division is one of the most emotionally challenging aspects of divorce, as people typically have unwavering desires to protect their assets. Fortunately, there are ways to protect property during divorce, while pursuing a desirable and beneficial resolution.
Many people in Ohio share the widespread perception that the divorce rate is close to 50 percent and is rising steadily. However, that number may be more of a historical aberration as opposed to an actual marriage trend. Researchers say that the divorce rate is actually falling, and attitudes toward marriage have changed since the 1970s and 1980s due to the rise of feminism.
When a couple is going through a divorce, there are many things to remember. In addition to the relationship ending, assets and debts have to be divided. In Ohio, an equitable distribution state, mistakes are commonly made in the division regarding retirement accounts, tax considerations, jointly-held credit cards and other issues. An incomplete or vague agreement that does not encompass everything can pose difficulty for the parties afterwards.
When a couple in Ohio ends their marriage, they are likely to have to go through asset division. According to the laws in Ohio, marital assets, which are assets accumulated over the course of a marriage, are to be divided equitably, although this often ends up being interpreted as equally. In general, the marriage is considered to be from the time of a marriage ceremony until the date that the marriage is terminated by the court, although this may be considered a shorter period if a couple had been separated for a while before the divorce.
Clear thinking can be elusive or downright impossible when a marriage ends. Emotions may cloud critical decisions made during divorce, from custody and support agreements to settlements about property division. It's hard to consider the future when today seems so complex and confusing.
Homes provide a landscape for a marriage, where the majority of a couple's good and bad times play out. Some Columbus spouses feel holding out for a marital home is a way to preserve the best of a fading relationship during divorce. Sometimes spouses simply want to avoid starting over in a new, strange place after a break-up.
The longer you've been with a spouse, the more assets and liabilities you likely have in common. Property and debt accumulated during marriage, not otherwise designated as separate property, is marital property and subject to division during an Ohio divorce. Financial upheaval can be shocking for Columbus couples who choose to divorce later in life.
Older Columbus spouses may have very different needs in post-marital life than younger spouses. Spouses who choose to end a marriage at a younger age often prioritize child support and custody, while older spouses focus on marital property division and, when applicable, spousal support.
Ask a Columbus resident to name their biggest asset and it's likely they'll say a home, even if they're still paying a mortgage. Homeowners who claim properties as assets may bank on the future, when they hope to own a home outright. The single largest asset for many people is frequently a retirement account which, for the most part, is accessible only under certain conditions.
In the old days of terminating a marriage, one spouse had to blame another for marital failure. Before you say no-fault divorce changed all that, consider some of the provisions under the Ohio Code 3105. There appears to be plenty of blame left in the rules.