Asset and Debt Division
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In Ohio, family courts are known as “courts of equity.” This means that the division of property, assets, and debts do not have to be divided equally, but they must be divided fairly. The court begins each case with the presumption that all marital property will be split equally between the spouses. From that point, the judge will consider factors and arguments that may result in the split shifting from one spouse to another.
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Marital Property vs. Separate Property
Marital property is all property acquired during the marriage, with some notable exceptions. Common examples of marital property include the marital home, cars, bank accounts, and retirement accounts or benefits, regardless of who those assets are titled to.
Separate property is property owned by each spouse that was acquired before the marriage. It also includes gifts or inheritances received by solely by one spouse during the marriage and that is kept separate from the marital assets. Separate property can be difficult to prove to a court, and sometimes income earned from separate property can be considered to be marital property.
If you and your spouse agree on how to divide your marital property, the court will generally honor your agreement.
Division of Property
If you do not agree on a division of marital property, the court will determine the division of the marital property using a set of factors that shift the initial equal presumption. These factors include:
Marital property is all property acquired during the marriage, with some notable exceptions. Common examples of marital property include the marital home, cars, bank accounts, and retirement accounts or benefits, regardless of who those assets are titled to.
Separate property is property owned by each spouse that was acquired before the marriage. It also includes gifts or inheritances received by solely by one spouse during the marriage and that is kept separate from the marital assets. Separate property can be difficult to prove to a court, and sometimes income earned from separate property can be considered to be marital property.
If you and your spouse agree on how to divide your marital property, the court will generally honor your agreement.
Division of Property
If you do not agree on a division of marital property, the court will determine the division of the marital property using a set of factors that shift the initial equal presumption. These factors include:
- Duration of the marriage;
- Each spouse’s assets and debts;
- Tax consequences of property division;
- Costs of sale;
- Any existing premarital agreements;
- Retirements benefits belonging to each spouse;
- Any other factors the court deems necessary to ensure a fair division of property.
