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.
Many assets are relatively easy to evaluate to determine their worth, but for those assets that are unique, have sentimental value, or have been passed down over time to an individual, determining their value might be more difficult. If a couple has assets that are unique, they can seek the assistance of a qualified expert to determine the value. A qualified expert will evaluate the asset and give an estimated worth to the court to divide. Other assets such as pensions or ownership interest may need the assistance of a financial expert who can assess the history and provide a value.
When dividing the property, the court assesses factors such as the liabilities and debts of the spouses as well as their assets and entitlements, whether either spouse seeks to stay in the home as well as how easy it will be to sell depending on the market and what their estimated compensation may be, the cost of a sale as well as any property division voluntarily made in separation agreements. Additionally, the court will determine any significant financial misconduct impacting the couple, as well as significant losses resulting from gambling, illegal drug use, infidelity, or failure to disclose an asset during the divorce proceeding. It is also important to note that Ohio does not consider assets owned before the marriage, gifts made to one spouse, inheritance, or personal injury proceeds as includable in marital property.
Going Through a Divorce?
We want to make sure property division is fair and equitable for you and that you are able to get what you deserve. 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 [email protected]. Dividing property does not have to be a painful process with us.