Division of Property
When a couple is going through the divorce process, all property acquired during the marriage is considered marital property and subject to division. Such property can include vehicles, real estate, and money.
During the divorce proceedings, the court will determine what is considered marital property and separate property of each spouse. Once the property has been classified, the court will then divided the marital property equitably between the spouses.
Division of Property Attorney in Columbus, Ohio
If you are trying to divide marital property as part of your divorce, it would be in your best interest to retain experienced legal representation from Joslyn Law Firm. Our attorneys are experienced with division of property cases and will strive to achieve the best possible outcome for your situation.
Our attorneys proudly serve counties in the Columbus area. These counties include Union, Delaware, Licking, Fairfield, Pickaway, Madison, and Franklin. Call us today or submit your information in our online form and one of our divorce attorneys will review your case for free.
Overview of Division of Property in Ohio
Marital property in Ohio is not divided equally. Instead, the property is divided equitably. This form of division is usually the last resort for couples that cannot agree on the division of property. Equitable division is considered a fair and flexible way to divide marital property, but sometimes it can be difficult to measure the outcome because some of the factors considered by the court can be subjective.
There are a number of factors the courts will consider when dividing marital property. Under Ohio Revised Code 3105.171 (F), the courts consider the following factors when determining if division of property is equitable:
- Duration of the marriage
- Assets and liabilities of the spouses
- Desirability of awarding family home to the spouse with custody of the children
- Liquidity of property being divided
- The economic desirability of keeping an asset intact
- Tax consequences of dividing the property
- The cost of selling an asset
- Any division made in a voluntary separation agreement
- Retirement benefits, excluding social security benefits
- Any other factor the court finds to be relevant and equitable
Ohio considered two types of property in a marriage: marital and separate. Separate property is property that is owned separately by either spouse. This form of property is not divided. Under O.R.C 3105.171, such property falls into the following categories:
- An inheritance by one spouse
- Personal property, real estate or interest acquired by a spouse prior to the marriage
- Passive income acquired from separate property by one spouse during marriage
- Personal or real property excluded through a prenuptial agreement; and
- Any gift given to one spouse during the marriage
Marital property, on the other hand, is property acquired by the couple during the marriage and is subject to division. Ohio defines marital property as:
- All real and personal property currently owned by both or either spouse, including retirement benefits
- All interest that either or both spouse has in personal or real estate property
- All income and appreciation on separate property related to the other spouse’s labor, monetary, or in-kind contribution
- Money from a public employee participant account
Property Division Q&A | Ohio State Bar Association – The Ohio State Bar Association features a Q&A column over some of the most commonly asked questions regarding property division in Ohio. The Ohio State Bar Association is a professional association that encourages legal education and provides legal tools to both legal professionals and the public.
Sample Property Settlement Agreement – Find Law.com provides a sample of what a property settlement agreement between divorcing spouses may look like. The sample agreement is the type of agreement that may be used when a divorcing couple is able to resolve their property disputes on their own.
O.R.C 3105.171 – Full text of the O.R.C that governs division of property during a divorce can be read in full on code.ohio.gov. The statute contains in-depth information on the matter as well as legal definitions. Codes.ohio.gov is a site that features the Ohio Revised Code and the Administrative Code.
Find a Division of Property Attorney in Columbus, OH
Having Joslyn Law Firm on your side when dividing property can make all the difference. Our attorneys are experienced with cases involving division of property and will strive to ensure it is handled with diligence and trust.
Joslyn Law Firm proudly serves counties in the Columbus area that include Union, Delaware, Licking, Fairfield, Pickaway, Madison and Franklin. Call us today at (614) 420-2424 or submit your information in our online form and one of our attorneys will review your case for free.