When it comes to divorce, every state’s laws regarding asset division are a little bit different. Property and assets are divided under what is either community property laws or marital property laws. Community property classifies property acquired by either spouse or both during the period of marriage to be jointly owned, with the same amount of interest between them. While the couple retains separate interest in the assets or property they held prior to the marriage, a court will view property acquired during marriage as a 50/50 division. Laws surrounding community property are following in nine states, including Arizona, California, Texas, Idaho, Louisiana, Nevada, New Mexico, Washington, and Wisconsin.
The other 41 states follow the laws of marital property, including Ohio. When dividing assets, an Ohio court would find that the assets are to be equally distributed, unless distribution would be inequitable. However, many states that follow marital property laws allow for a fair distribution, which may not always be completely equal, like those in community property states. Marital property is also real or personal property currently owned by a spouse or acquired during the marriage, as well as any income or appreciation made on property that was separately owned by one spouse, or any interest either have in personal property, as well as retirement and compensation benefit packages.
but separate property can be included when determining property division in some cases. Some examples of separate property are any inheritance or gift incurred by a spouse during the marriage, property acquired before the marriage, any property outlined in a prenuptial agreement as non-includable, property bought after a legal separation has been entered into court, as well as any passive income or appreciation on separate property throughout the marriage. Separate property can be considered marital when, after researching, cannot be separated on its face from marital property due to commingling of funds or interest. Ohio views professional degrees and licenses as separate asset not subject to division.
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Dividing assets can be a complicated process for both spouses. We want to make sure you get what you are entitled to under Ohio laws of marital property. If you or someone you know is struggling to divide their assets or property in their divorce, we can help. Do not hesitate to call the legal team at Lawrence Law Office today at (614) 228 – 3664 for a consultation or email us using our website or firstname.lastname@example.org.