If you’re getting a divorce, you may be worried about how your property is going to be divided. By figuring out what’ll likely happen in court, you can determine how to prepare your finances and move forward so that you’re going to be as protected as possible.
How Property Is Divided in an Ohio Divorce
In Ohio, the courts follow an equitable distribution model. This means that the assets and debts are divided in a fair way, and not necessarily in an equal way. For instance, it may not be 50-50. While the court will initially start out at a 50/50 split, it will then weigh different factors that could affect the fairness of the split. The past contributions, as well as the future needs of both of the spouses, are going to be considered.
What Gets Divided in a Divorce?
Any assets or debts that you acquired while married will be taken into account. If you or your spouse owned property before you got married, then that would not count, for instance. Also, if you have a prenup that states something different, then that’s going to affect the division of property. Property includes your marital home or other real estate, your bank accounts, and retirement benefits, while debts could include credit cards and loans.
Preparing for Divorce
When preparing for a divorce, it’s best to make sure you have access to all your accounts and you figure out your net worth. You should also determine if you really want the assets you’re being given. For instance, while getting the marital home could seem like a good thing, it may just be a burden if you can’t afford the mortgage and the upkeep.
Calling Richard P. Arthur for Divorce Help
Richard P. Arthur, Attorney at Law, can help you if you’re getting a divorce in Ohio. You can call 937-254-3738 for a consultation. He has nearly three decades of experience assisting clients in Dayton and Trotwood, as well as Montgomery, Greene, Miami, Clark, and Warren counties.