The way in which assets are divided in a divorce has a significant impact on the standard of living you will be able to enjoy in the future. Therefore, for many, the property division process feels stressful and overwhelming. While it is certainly an important aspect that needs careful planning, it doesn’t need to be something that is highly stressful, since when understanding the law, outcomes are highly predictable.
If you are going through a divorce in Ohio, it is important that you have a good overview of the marital property laws in your state. Doing so will help you to plan and predict the likely outcomes. The following is a summary of marital property laws in Ohio.
Marital property does not refer to all assets
Marital property is subject to division at divorce. Marital property is defined as all real and personal property currently owned by either spouse that was acquired by the couple during the marriage. In addition, income and appreciation on the separate property are considered marital assets, as well as interest that either spouse has in real estate and money from a public employee participant account. All other property, for example, assets that you acquired before the marriage, will never be subject to division at divorce.
Marital property is not automatically split equally
Some states follow the legal theory of community property, which means that they split all marital assets equally between spouses at divorce. However, in Ohio, marital assets are divided through equitable distribution. This means that several factors, such as the length of the marriage and the age and income of each spouse, are taken into account to establish the fairest possible way to divide assets.
If you are currently considering filing for divorce in Ohio but you are not sure how the process would affect you economically, it is important that you investigate how the law would likely impact your situation so that you can make an informed decision.