Posted on: July 5, 2012
Divorce courts in Ohio apply the legal
concept of equitable distribution when it comes time to split the assets and
debts of a divorcing couple. This means that the entire marital estate, assets
and liabilities, must be divided in an equitable manner, though not necessarily
equally. There is no fixed standard for dividing property, each case will be
decided on its facts, and the trial court’s discretion will not be disturbed on
appeal without a showing of clear abuse (an incredibly tough standard to meet).
Property includes pretty much
everything: personal items (such as cars, furniture and art work) and real
property (land and houses). Debts include anything you owe money on: mortgages,
car loans, and credit card bills. Really anything the two of you possess is
thrown into the mix before it’s all divided.
One piece of advice that can help
save time and start things off on the right track is to try arriving at your
first meeting with your attorney with a list of all your assets. When drawing
up the list keep in mind when and how you acquired the property, its current
value and a list of any debts.
It’s important to know that not
all property is subject to equitable division. Items that qualify as
non-marital include the following: property acquired by either party before the
marriage; property acquired after certain stages of the divorce process;
property excluded by a written contract between the parties (likely a
prenuptial agreement); and any increase in value of non-marital property that
did not result from efforts of the other spouse.
Judges consider a multitude of
factors when deciding how to divide property between spouses and it’s sometimes
hard to know which issues hold the most sway. Here are some examples of the
things judges consider when dividing property:
·
The
length of the marriage.
·
The
financial contributions of each spouse to the marriage.
·
The
age and health of the parties.
·
Misconduct
in the marriage and whether one of the spouses is the reason for the
dissolution.
·
The
child custody arrangement.
·
Any
potential spousal support awards.
After determining what percentage
of the marital estate each spouse is entitled to, the next step involves coming
up with the proper asset division to achieve the mandated split. This is the
stage where it’s decided who gets what: the house, the cars and other assets.
The division continues until each party receives their appropriate share of the
marital estate.
If you find yourself facing the
prospect of divorce, contact an experienced Ohio
family law attorney
who can help guide you through the difficult process. Count on the expertise of
Twinsburg family law attorney Carol
L. Gasper.
See
Our Related Blog Posts:
No comments:
Post a Comment