You are preparing to get a divorce in Ohio. While you know it’s the right decision, you’re a bit worried and stressed out about how your assets are going to be divided. Will you be left with anything following your divorce? Is everything going to be split 50/50? By finding out the answers to your questions, you can prepare yourself better for your divorce and what the future holds.
How Assets Are Divided in Ohio
Assets are divided based on an equitable distribution model in Ohio. While some states have community property, meaning assets are divided 50/50, Ohio does not function in the same way. Equitable distribution does not mean that each spouse will receive 50/50. Instead, it means that each spouse will receive assets based on what the court deems fair.
Working With Your Spouse
You can choose to work hand in hand with your spouse and decide how you want the assets to be divided before going to court. Generally, this gives you more control over the divorce and asset distribution process. If there are issues you can’t work out, then the court will step in and make decisions for you.
Marital vs. Separate Property
There is a difference between marital and separate property. Marital property is all property acquired throughout the marriage, while separate property is the property you acquired before you got married. Sometimes, separate property can be counted if your spouse was involved in it during the marriage (i.e. they managed the rental property you purchased prior to the marriage). Again, the court will decide if it should be counted.
Get in Touch With Richard P. Arthur
Richard P. Arthur, Attorney at Law, can help you with a divorce in Ohio. 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.