When couples divorce, one spouse typically stays in the home while the other moves out. However, the decision on who stays and who goes is not always easy. In fact, it can become a point of contention during divorce proceedings.
To keep things as amicable as possible, it is important to understand how Ohio handles property division.
Ohio laws on property division
Ohio is an equitable distribution state, meaning courts divide marital property fairly instead of on a 50-50 basis. Judges will determine what is fair based on several factors, such as:
- The duration of the marriage
- Each spouse’s contribution to the marriage
- Each spouse’s assets and liabilities
- The liquidity of the property subject to division
Note that your marital property will be the only type of asset up for property division. Marital property is any asset acquired during the marriage, such as the shared home, joint bank accounts and retirement benefits.
In contrast, each spouse will get to keep their separate property. This includes things like personal possessions, inheritances and gifts received only by one spouse.
Determining who keeps the house
Naturally, only one spouse can stay in the home after a divorce. So, how do you divide it?
There are two basic options:
- One spouse keeps the home: The court will determine who can afford the home, and whichever spouse is capable usually keeps it. In such cases, that spouse will have to pay the other spouse their share of the equity by refinancing the mortgage. Alternatively, the other spouse can receive other marital assets to reach an equitable division.
- Selling the home: If neither spouse wants the home nor afford to keep it, selling is the common solution. Afterward, each spouse receives a fair share of the proceeds.
Another option, although less common, is to co-own the home after the divorce. This can be a practical choice if market conditions are too unfavorable to sell the house immediately.
Consider the implications of keeping the home
If you will be the one to stay in the marital home, it’s crucial to understand how it can affect your finances. Think about whether you can truly afford the expenses on one income. This might include the mortgage, utilities, taxes and maintenance on top of other necessities.
Dividing the home is one of the biggest challenges during a divorce, which is why legal guidance can be valuable. An experienced divorce attorney can help you explore your options, settle conflicts and find solutions that align with your unique needs.
