You’re getting divorced in Ohio, and you’re worried about what your financial situation is going to look like post-divorce. Is your spouse going to receive all of your property? How is property divided, anyway? And what is marital property vs. separate property?
Here’s some information on how the division of property works so that you can prepare for your divorce.
How Property Is Divided in an Ohio Divorce
In an Ohio divorce, there’s something called equitable division. Your assets are going to be divided according to what the court determines is fair and equitable. Unlike community property states, Ohio does not automatically divide property 50/50. However, if you and your spouse come up with a plan for your division, you can always present it to the court and see if they will allow it. Factors like who worked and who managed the home are definitely going to be weighed in the court’s decision.
What Is Marital Property in an Ohio Divorce?
Marital property is any property that either one of you or both of you acquired during your marriage. It also includes debts that you racked up during your marriage. For instance, let’s say you bought a house, two cars, and a vacation property with your spouse while you were married. At the same time, you and your spouse spent money on credit cards and got yourself into $30,000 worth of debt. The court would equitably divide this property, but you could make a request to follow a division that you and your spouse come up with. Perhaps you don’t want the marital home, and you and your spouse decide to sell it. The court may just approve that.
What Is Separate Property in an Ohio Divorce?
Separate property is any property you acquired prior to getting married. Also, it includes inheritance you may have received from a loved one, even if you got it while you were married. If you had a prenup in place, you may have included certain property in it that you wanted to keep separate. Just keep in mind that your prenup must be valid. It needs to be legal, which means a lawyer helped you put it together, and your spouse was not pressured to sign it.
Can I Hide My Property?
It’s illegal to lie about your property in order to protect it. If you lie or try to hide it, you could be charged with perjury, for instance. Plus, the judge is not going to look upon you favorably. Let’s say you cannot afford child support, and then the judge finds out that you have been hiding your assets. The judge is probably not going to believe you when you say you can’t afford child support. Even if you’re scared about your property being taken away, it’s never a good idea to lie. Just assume that the court and the judge are going to find out, and you could get into major trouble.
If you have any questions about marital property vs. separate property in an Ohio divorce, make sure you contact an experienced divorce lawyer for help.
Get in Touch With Richard P. Arthur
Richard P. Arthur, Attorney at Law, would be happy to help you with your divorce process at this time. You can call 937-254-3738 for a consultation. He has more than three decades of experience helping clients in Dayton and Trotwood, as well as Montgomery, Greene, Miami, Clark, and Warren counties.