In Ohio, when a couple is going through a divorce, they will need to divide their marital property. Who gets the house? Who gets the automobile? What about furniture, appliances and electronics? Property division issues can be emotionally charged, so it is important that any decisions made are fair.
When it comes to property division, Ohio is an equitable distribution state. This means that the court will divide the couple’s marital assets based on what would be fair. While sometimes the split will be equal, there may be circumstances in which one party will be awarded more of the marital property than the other property. There are a number of factors the court will consider in such situations.
One factor the court may consider when determining how to divide property in a divorce is how long the couple was married. Each party’s assets and liabilities may also be considered. When it comes to the family home, the court may consider whether it should be awarded to the party who has custody of the couple’s children. The liquidity of the assets being divided may be considered, as may the financial desirability of keeping an asset.
The court may also consider the tax consequences associated with the division of assets between the parties, as well as what it may cost to sell an asset if selling the asset is needed to achieve a fair distribution of assets between the parties. If the parties reached a property division agreement out-of-court, this will be considered. Each party’s retirement benefits may be considered. Finally, as a catch-all, the court has the ability to take into consideration any other relevant factor.
In the end, it is important that the end result of the property division process is fair. Sometimes this means a relatively equal split, while other times it may be appropriate to award one party a greater share of the marital assets than the other. Since no two cases are alike, individuals in Ohio going through a divorce may want to discuss the specifics of their case with a family law attorney, who can then assist them throughout the divorce process, including property division.