Ohio Divorce Property Division
There can of course be unique circumstances in cases but here is a rough idea of Ohio Divorce Property Division in a dissolution of marriage or divorce:
You should divide your property fairly. This is usually close to an equal division. Anything that you got during the marriage is included. This is known as “marital property”. What either of you had before the marriage is not included.
The fact that one party has had more income does not change the fact that each should share fairly in the property division. A greater income however can mean that a greater share of the debts should be paid by that person.
(In cases where two people have been married for more than a short time, it may also mean that the person with the higher income will pay spousal support or what used to be called alimony.)
Is It A Fair and Equitable Ohio Divorce Property Division?
When all items are added together, are the items of Ohio Divorce Property Division of the husband and the wife roughly equal?
The value of one item to one spouse might equal the value of another item to the other spouse. For example, one party might be keeping their 401(k) and a joint bank account but the other party might be keeping the house of the parties. The main question is whether the total division is fair.
The division of debts should also be fair and equitable. If the debt was incurred for the benefit of both parties it is a marital debt. It does not matter if the loan or the credit card is in the name of one party. If a debt was incurred exclusively for the benefit of one party that party should usually take that debt.
The net value of every asset is looked at. For example, one party may have a car that is valued at $5,000 and has no debt. The other party may have a car that is worth $20,000 but has a loan with a payoff balance of $20,000. It is the net value that is important.
With regard to real estate, what could it be sold for? How much, if any, is the balance of the mortgage which is owed on it? Once again—the net value or equity of the property is important.
If it is a Long-Term Marriage and there is a Difference in Incomes
Ohio Divorce Property Division can get more complicated when the parties have different incomes and especially when they have been married for a substantial length of time. There are then issues of spousal support (what used to be called alimony).
Every Judge can have a different way of looking at spousal support. Some have guidelines to try to encourage a settlement.
In such cases it is best to consult a local attorney who knows about the policy of the judge(s) in your county.
SETTLING DISPUTES OF PROPERTY
What if you disagree about how to divide your furniture and possessions? Here is a simple way to settle the matter. Make a list of all the items that you disagree about. Flip a coin. The winner takes the first pick. The other spouse picks the next item and you alternate picks until finished.
If there is a dispute over the value of real estate, you may want to get an appraisal of the real estate. If you cannot settle your differences, the Court may just order that the real estate be sold. The two of you will divide what you get from the sale.
If there is an issue of what a pension is worth, an appraisal of the current value of the pension will be made by a qualified expert.
Disputes over property will increase the time and the cost of a divorce.