Going through a divorce can seem overwhelming. Not only are you processing your emotions surrounding the end of your marriage, you and your spouse have to split your assets and come to a child custody agreement. You might wonder what Ohio’s approach to dividing property in divorce is. Will you and your spouse split your assets 50-50?
Equitable property division
Ohio, like 41 other states, follows equitable property division in divorce. That means you and your spouse divide your marital property in a fair, equitable manner. As a result, you may not divide everything 50-50 with your spouse. If you launched a business during your marriage and your spouse hasn’t had a role in it, your spouse may not receive 50% of your business assets. If your spouse took time away from their career to raise your children, they may receive more than 50% of the assets from your home or other investments.
Which assets will you divide?
The assets you’ll divide are mostly assets you’ve acquired during your marriage. These include the following:
- Any real estate property you bought
- Your 401K and investment funds
- Your savings accounts
- Your vehicles
- Any furniture and household goods you purchased
- Your business assets
Even if you bought your home before you married, your spouse still may receive some of the equity you have in it – if your spouse contributed toward the mortgage and upkeep costs.
You also will divide any debts you accumulated in your marriage, including credit card debt and medical debt.
Getting help with property division
It’s better if you and your soon-to-be ex can agree on how divide your property and assets outside of court. You can work with your divorce attorney to help protect your interests in dividing your property in divorce and negotiating with your spouse about who gets what.