As you may already know if you are planning for a divorce in Columbus, Ohio is an equitable distribution state, which means that all assets and debts owned by spouses will need to be classified as separate or marital property so that marital property can be divided in a way that is fair to both parties based on the circumstances of their relationship. While the court will assess all of the assets and debts owned by each party to determine whether it should be classified as separate or marital property it is helpful to understand what usually counts as separate property in a Columbus divorce according to Ohio law. Our Columbus divorce lawyers can provide you with more information about the types of assets and debts that are commonly classified as separate property during a divorce in Ohio.
Assets and Debts Acquired Before the Marriage
All assets and debts acquired prior to the date of the marriage will typically be separate property and will not be divisible in a divorce.
Assets and Debts Excluded through a Premarital Agreement
In a valid prenuptial or premarital agreement, any assets or debts owned by either party can be excluded from property division in the event of a divorce.
Asset Acquired After the Marriage as a Gift from a Third Party
When a gift is made solely to one spouse during the marriage from a third party, that gift can be classified as separate property.
Asset Acquired After the Marriage through Inheritance
If one of the spouses inherits an asset during the marriage, and the asset (or assets) is left expressly to one of the spouses, then it can be classified as separate property and excluded from property division in a divorce.
Assets and Debts Acquired After a Legal Separation
After a legal separation, and assets and debts acquired or accrued by each spouse will typically be classified as separate property.
Passive Income or Asset Appreciation from Separate Property During the Marriage
When a spouse passively earns income from a separate asset during the marriage, or an asset that is separate property passively appreciates in value during the marriage, that appreciation or income will usually be separate property.
Personal Injury Settlement Awarded During the Marriage to One Spouse
The compensation that one of the spouses receives during the marriage through a personal injury settlement or damages award is typically separate property unless deductions must be made for any legal expenses paid with marital assets or lost earnings that the spouse would have earned during the marriage and that would have been marital property.
Contact Our Divorce Lawyers in Columbus
If you need help determining whether specific assets and debts are likely to be classified as marital or separate property in your divorce, or if you need general assistance with your Ohio divorce, our Columbus divorce attorneys are here to help. Do not hesitate to get in touch with us to find out more about the divorce services we provide to clients in Ohio. Contact the Lawrence Law Office to get assistance with your divorce today.