Consequences of Hiding Assets During a Divorce

Dividing assets is one of the most complicated aspects of the divorce process. No matter how amicable a couple plans to be at the beginning of their separation, the idea of sharing property and money can bring out the worst in the best of people. Though most adults depend on their attorneys to handle these negotiations, it is not unusual for one spouse to decide to take matters into his or her own hands. Even when warned about the potential consequences of hiding assets, a person who resents his or her spouse, or who feels he or she cannot afford a fair division may still attempt to conceal property or money. It is important to understand the consequences of attempting to hide assets during a divorce. Continue reading

Property Division and Divorce in Ohio

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. Continue reading

How Marital Property is Divided

For property to be fairly divided, the court must look at a number of different factors and make a determination on a case-by-case basis. Once a court makes a determination of what property is separate property and what is marital, then it must divide up the marital property based on state law. In Ohio, the court will divide the property based on what is fair, which may not always be equal to both spouses, according to the laws of community property states. The court will determine whether there needs to be a distributive award, meaning one spouse pays the other for the value of the asset or property, or whether an equitable division would be possible. Continue reading

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