Going through a divorce is hard. It’s emotional, time-consuming, and, worst of all, legally complicated. The process can even become overwhelming when your financial future depends on the outcome. That’s why it’s so important to ensure your marital assets are distributed fairly between you and your spouse. It requires not only knowledge of the laws and the factors that influence them but also a detailed understanding of each party’s needs and contributions.
This article was designed by Garretson & Holcomb, LLC in West Chester Township, to provide a detailed look at equitable distribution in Ohio. We’ll explain how the process works and offer insights into how our Ohio divorce lawyers and family law attorneys can help with your case. With a firm understanding of equitable distribution, you’ll be able to plan for the future you want and protect the assets that matter most to you.
Understanding Equitable Distribution
Equitable distribution is the method used to divide marital assets and debts during a divorce. While the law states assets are to be divided “equitably” and “equitable” means fair, the reality is this usually means “equal.”
It’s important to distinguish between marital property, which was acquired during the marriage, and separate property, which was acquired before the marriage or through inheritance or gift. For example, if one spouse entered the marriage owning a home, that home may remain their separate property unless actions were taken to commingle it with marital assets. The decision will be made when the court examines the specific circumstances of your marriage.
An accurate evaluation of each marital asset is critical to fairly dividing it. This might include hiring a professional appraiser for real estate or a business lawyer for any business ventures started during the marriage. For example, an Ohio-based bakery that is owned by one spouse but is supported by the other through finances, labor, or even child care may be considered marital property to ensure an equitable distribution.
Contributions to the marriage aren’t just financial. They can also be domestic, educational, or supportive in other ways. Helping a spouse through school or being the primary caretaker of children while a spouse builds a career are contributions that must be considered when diving property.
Challenges in Equitable Distribution
A common challenge that many people face during divorce is differentiating between the marital property and the separate property. This can become complex when assets are commingled or when separate property has increased in value during the marriage. Determining the actual value of assets, like businesses, real estate, or unique items, can lead to disputes between the couple. Conflicts of any kind can lead to a longer and more complicated divorce.
It’s important to hire an experienced family law attorney or divorce lawyer who can prove your marital contributions and fight for a fair distribution of assets. We can also help you understand the tax consequences of dividing certain assets and provide protection against unexpected liabilities.
Call the Divorce Lawyers at Garretson & Holcomb, LLC
Divorce is hard. And diving your assets with equitable distribution can be complicated. If you need a divorce lawyer or family law attorney to prove your marital contributions and defend your rights, contact Garretson & Holcomb, LLC today. Our friendly staff in West Chester Township, OH, can answer your questions and help you plan for the future you want. Call today at (513) 863-6600.
