What Is Equitable Distribution In An Ohio Divorce?
A huge part of the divorce process is deciding how the marital property must be divided. Since Ohio is an equitable distribution state, the focus is on dividing assets and debts fairly – and that doesn’t necessarily mean “equally.”
At DeBra Law, LLC, our lawyers can help you reach a fair and equitable property agreement in your divorce, no matter how complex the financial issues. Our founder, attorney Ryan DeBra, has been protecting the interests of our Cincinnati clients for more than a decade – always with an eye toward their future financial stability.
Understanding The Difference Between Separate And Marital Property In Ohio
You cannot divide the marital assets and debts before you know what they are. In general, marital property includes assets and debts that were acquired or incurred during the marriage. This often encompasses income earned by either spouse, real estate acquired, personal property purchased, and loans or other debts accrued during the marriage.
Separate property consists of assets and debts that belong solely to one spouse. These are generally things acquired before marriage or by inheritance or gift during the marriage. It can also include things carved out through premarital and postmarital agreements.
Once the marital and separate properties have been identified, the court may consider numerous factors when determining an equitable distribution. Factors include:
- The duration of the marriage
- Each party’s monetary and nonmonetary contributions to the marriage
- The health and age of each spouse
- Each party’s earning capacity and nonmarital financial resources
- The tax consequences of dividing certain assets
- One spouse’s educational and career sacrifices for the other
- Any financial misconduct on the part of either spouse
It takes a nuanced understanding of equitable distribution rules to get a fair result.
Protect Your Financial Interests: Call An Experienced Cincinnati Lawyer Today
The longer you have been married, the more complicated the asset division process can become. You need focused legal representation to protect your financial interests and ensure that the result is fair.
Call 513-548-5920 or use the online form to schedule your initial consultation today. We represent clients throughout Warren, Hamilton and Clermont counties.