When you get a divorce in Ohio, your assets and debts will be divided up amongst you and your spouse. This doesn’t necessarily mean everything will be a 50-50 split, and sometimes what’s called a distributive award will be used to ensure the division is as equal as possible.
Dividing Property in an Ohio Divorce
When dividing property in a divorce in Ohio, the court will look at what’s equitable and take factors into account like the length of the marriage, the liquidity of the property that will be distributed, and the tax consequences of the property division for each spouse. They will use that information to divide your property, such as your marital home and retirement funds, as well as your debts, like credit card debt. Only assets and debts acquired during your marriage are considered marital property to be divided.
What Is the Distributive Award?
The distributive award is money that one spouse will pay to the other instead of dividing property because dividing the property is too hard or undesirable. The court may order one spouse to pay the other a distributive award if one spouse has dissipated money or funds, hid property, gotten rid of funds in a fraudulent manner, or participated in some other kind of financial misconduct. If the distributive award is not used, then the court might increase the other spouse’s marital property award to make up for the financial misconduct that occurred.
Calling Richard P. Arthur for Divorce Assistance
Richard P. Arthur, Attorney at Law, can help you with your separation, dissolution, or 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.