Whether you have recently filed for divorce or are currently going through the process, you may face some difficult topics. Many couples find that dividing marital property is one of the most daunting due to the many emotions involved.
While the court requires each party to disclose all property in their possession, it is easy to overlook items that should be divided in the final divorce settlement. It is important to know how Ohio courts divide property to ensure you receive everything you deserve in the final decree.
What is equitable property?
Ohio, like many other states in the nation, separates marital assets based on the equitable division of property rule. According to the Ohio code, items and assets accumulated during the marriage are not separated equally but rather according to what the court deems fair according to certain circumstances. Property eligible for division includes assets accumulated in a retirement account, 401k plan, stocks and money market accounts. Marital property also includes collections, such as art, antiques, coins, classic cars and wine. In addition, term life insurance policies and income tax returns can be divided between you and your spouse.
What factors influence property division?
The courts determine who receives what in the final decree after careful consideration of certain factors, including the following:
- Each spouse’s property, assets, income, debt and potential income
- Length of the marriage
- Whether there are children involved and which parent received custody
- Age of each party
- Mental and physical health of each party
The court may look at whether one parent stayed home with the children while the other parent went to school or pursued their career.