When a couple in Ohio divorces, they have a lot of decisions to make, especially regarding property. Who gets to keep the house? The car? Personal items? These are all questions regarding property division in an Ohio divorce.
What is marital property?
Ohio is an equitable distribution state, with regards to property division in a divorce. This means that all marital property will be divided between the spouses in a manner that is fair, even if it does not lead to an even 50/50 split. Marital property includes any real or personal property owned by either or both spouses, including retirement benefits, that was obtained during the course of the marriage. It also includes any income and appreciation on separate labor due to the work, financing or in-kind contribution of either or both spouses that occurred while the spouses were married. Only marital property is included in the divisible estate when it comes to property division.
What is separate property?
Separate property is owned by either one spouse or the other and is not included in the divisible estate. Separate property includes real and personal property obtained through an inheritance to one spouse during the course of marriage. Any real or personal property owned by one spouse prior to the marriage is also considered separate property. Passive income and appreciation obtained from separate property by only one spouse during the course of the marriage is also considered separate property. Real or personal property obtained after a decree of legal separation has been made is also separate property. Gifts made, through clear and convincing evidence, to only one spouse is also considered separate property. Separate property that commingles with marital property will only lose its separate nature if the commingling makes the separate property untraceable.
Learn more about property division in Ohio
Ultimately this post is for educational purposes only and does not contain legal advice. Those who are interested in learning more about property division in Ohio may find our firm’s website to be a useful resource.