When going through a divorce, one of the most important things you will have to process is the division of assets. It can be a complex procedure, and if it is not handled ahead of time and with a great deal of care, it can lead to vicious arguments or expensive lawsuits. Therefore, if you are considering divorce or starting to look into how divorce works, understanding the division of assets is one of the best places to start.
In the state of Ohio, community property is not recognized. The states that do recognize community property establish that all assets acquired during marriage should be equally divided. In Ohio, the two types of recognized property are marital property and separate property.
What is marital property?
Any property that was acquired during marriage, for example, a house bought together, retirement benefits or the family car, is considered marital property. This means that it is likely to be split equally between each party. Marital property will also include income from a property that is separate.
What is separate property?
Any property that was acquired by one spouse before the marriage occurred is referred to as separate property. In addition to this, when one spouse receives an inheritance, this is also theirs to keep after divorce. If a prenuptial or postnuptial agreement is in place, it is likely to add some terms in relation to what constitutes separate property in that particular divorce.
If you are considering divorce in Ohio, it is important to understand fully the implications that this will have on your finances, and how assets will be divided.
Source: FindLaw, "Ohio Marital Property Laws," accessed April 12, 2018