If you are getting divorced in Ohio, you’re probably faced with the idea of dividing property. Ohio courts follow the equitable distribution model of property division, meaning only items acquired during the marriage are considered marital property. Unless the spouses reach an agreement, marital property will be split between the spouses in what the judge considers a fair way. This does not necessarily mean an equal way. Here are a few things to consider when dividing your property in an Ohio divorce:
The Difference Between Marital Vs. Separate Property
Marital property is anything acquired during the marriage, and separate property is anything you owned before the marriage or gifts or inheritances given to you during the marriage. Still, the distinction can become muddled when referring to things like family businesses or retirement benefits. (For more of those topics, go here and here.)
You Can Try For a Separation Agreement
If you don’t like the idea of a court telling you how to divide your marital property, it is well within your rights to divide it as agreed upon by you and your spouse. Obviously, this takes cooperation with the spouse you are currently in the process of divorcing, so many couples may find this impossible. If you can work it out, your attorneys can file a separation agreement with the court that outlines precisely how the two of you think the property division should go. A divorce attorney can help mediate the separation agreement, which would contain plans for property and debt, spousal support, and a parenting agreement. Although you may find it challenging to work with your former spouse in this way, doing so can save you and your family from substantial court fees.
If you have more questions about property division in an Ohio divorce, you may benefit from the experienced divorce and family law attorneys at Garretson & Holcomb, LLC. Give us a call today at (513) 863-6600.