If you file for legal separation or divorce, including military divorce, the division of marital property and assets is a key aspect of the legal proceedings. Both parties and their lawyers must clearly identify and classify what is marital and what is individual property.
Once a judge has these elements, they use multiple factors to determine how to divide marital property in a manner that is fair to both spouses. No matter how simple or complex your marital estate is, working with an experienced attorney can make a positive difference throughout the process.
What Constitutes Marital Property in Ohio?
The state’s law defines marital property as what a couple acquires during their marriage, from their wedding day to the final hearing of their legal separation or divorce, including real estate properties, retirement benefits, and other purchased assets.
Marital property in Ohio does not include:
- Passive income
- Individual property acquired before the marriage
- Property excluded from the marital assets per a valid and enforceable prenuptial agreement
- Any gift made to one of the spouses after entering the marriage per reasonable and clear evidence
Equitable Distribution of Marital Assets
The goal of the court when dividing marital property is to distribute it in an equitable way that considers several factors. Equitable does not necessarily mean equal, as a judge wants both spouses to have appropriate resources after the final ruling on their legal separation or divorce.
In Ohio, a court considers the following elements before distributing marital assets:
- The duration of the marriage
- Each party’s income and earning capability, including their health and age
- Each spouse’s individual property and liability
- The value of each piece of marital property to be distributed
- Child custody arrangements
- The terms of any existing prenuptial contract
- Each spouse’s behavior during the marriage
High Net Worth Divorces
High net worth divorces involve the division of marital property and assets that have significant value and can result in more complex negotiations or litigation.
This type of divorce can include:
- Multiple real estate properties
- Luxury possessions like yachts
- Art collectibles, jewelry, or antiquities
Although the same factors govern this type of divorce, the amount of money a high net divorce involves usually requires more time to properly identify and divide marital property. Considering the tax impact of this division also plays an important role in the process.
Hire Crossman & McNamee, LLC to Protect Your Interests in Greene County
Whether you are looking to file for a legal separation or a divorce, the division of property, assets, finances, and debts, is an important aspect of either legal option. At Crossman & McNamee, LLC, our attorneys have helped many individuals and families during challenging times.
We understand how each situation is unique and our team always begins with a careful evaluation of your case to identify your specific needs and goals. Our priority is to protect your rights and interests so you can navigate the transition and build a future after the finalization of your legal separation or divorce.
Call Crossman & McNamee, LLC today at (937) 468-3796 or fill out our online form to schedule a consultation with one of our divorce attorneys!