Divorce is never an easy process, and it can be challenging to navigate the complex legal aspects of property division during this time. One of the most crucial aspects of property division during divorce is understanding the concept of equitable distribution. If you are going through a divorce in West Chester, Mason, Liberty Township, or Hamilton, Ohio, you need to know the basics of property division, including equitable distribution. This article will provide you with a comprehensive guide to help you navigate property division during divorce in these areas.
Marital Property vs. Separate Property
One of the first things you need to understand about property division during divorce is the difference between marital and separate property. Marital is property acquired during the marriage, regardless of who earns it or which spouse holds title to it, and each spouse has an equal right to it. In contrast, separate property is property acquired before marriage or during the marriage by gift or inheritance is considered separate property and not subject to division during divorce.
Ohio is an equitable distribution state, which means that the court will usually divide marital property equally provided, however, the court can technically divide it in a manner that is fair and equitable in unusual circumstances. Marital property includes all property acquired during the marriage, regardless of whose name it is in.
Valuing Property During Divorce
Once the marital property has been identified, the next step is to value the property. Valuation is the process of determining the fair market value of each asset and liability. For some assets, such as bank accounts or investments, valuation is straightforward. For other assets, such as real estate or businesses, valuation can be more complicated and may require the assistance of an appraiser or other professional.
There needs to be a valuation date in each case to take a “snapshot” of the value of the assets involved in the case. The parties can agree upon the valuation date or, if they cannot agree, the court will set the valuation date. That date may be the date of separation, the the divorce is filed, or another date depending upon the local rules of each court.
Garretson & Holcomb, LLC – Your Family Law and Property Division Experts
Divorce can be a complicated and stressful process, and having the right legal representation can make a significant difference in the outcome. At Garretson & Holcomb, LLC, we understand the complexities involved in property division during a divorce and are committed to providing our clients with the personalized legal guidance and support they need.
Our experienced family law attorneys have extensive knowledge of Ohio property division laws and are dedicated to protecting our clients’ interests throughout the divorce process. We will work with you to identify all marital property, determine its value, and help you understand how the court will consider various factors to determine a fair and reasonable property division.
In addition to property division, our attorneys can also assist you with other family law matters, including child custody, child support, spousal support, and divorce mediation. We understand that every family law case is unique, and we are committed to providing our clients with personalized attention and representation.
At Garretson & Holcomb, LLC, we believe that our clients should have access to compassionate, knowledgeable legal representation during a divorce. Our attorneys will provide you with practical, straightforward legal advice and work tirelessly to help you achieve a favorable outcome.
If you are facing divorce and need assistance with property division or other family law matters in West Chester, Mason, or Hamilton, Ohio, contact Garretson & Holcomb, LLC at (513) 863-6600. Our skilled attorneys are here to help you achieve a successful outcome and move forward with your life.