Dividing property in an Ohio divorce is done through a strict set of rules based on a series of value judgments. The marital property is to be divided equally until it no longer can be. At that point, the court attempts to divide things equitably. Assets such as cars and bank accounts can be divided relatively simply, but assets such as businesses or retirement plans require more investigation. Let’s look at how an Ohio court might separate items that have no clear division point.
Marital Property
Marital property is defined as any asset acquired during the marriage. This includes real and personal property, interests or shares in real and personal property, and all income and appreciation on either spouse’s separate property. In other words, it means cars, houses, jewelry, savings accounts, retirement accounts, and any profits made from businesses that are a direct result of either spouse’s labor.
Division of Marital Property
When the court is tasked with separating all of these assets, they look at several factors in the marriage to guide their judgment. The liquidity of assets, the tax consequences, and the cost of sale are just some of the components considered while dividing property.
Determining The Value
Some assets come with easily determined values, but for everything else, the court must employ expert testimony unless the spouses agree upon a value. Appraisers can find the value of cars and jewelry, but often an accountant or financial evaluator is needed to estimate the worth of a business. Furthermore, the spouses are not required to accept the testimony of just one evaluator and are well within their rights to ask for a second opinion.
If you have more questions about the division of marital property in the state of Ohio, contact Garretson & Holcomb, LLC at (513) 863-6600.
