Marital property is defined as all of the property acquired by a couple during the length of the marriage. Because of this, all marital property is subject to division should the couple decide to get divorced. There are some states that operate under community property, which means all the property is jointly owned. Ohio is not one of those states.
The marital property laws of Ohio allow for various ways to divide property when a divorce takes place in the state. Marital property in Ohio is defined as any and all property acquired by the couple from the day they were married to the final day of a divorce action or legal separation.
Marital property includes the following:
– Interest owned by either or both parties in real estate or personal property.
– Any and all real and personal property owned by either or both parties, including retirement benefits.
– Money earned via deferred compensation (public employee participant account).
– Income and appreciation on property that pertains to the other spouse’s contribution, labor or money.
There are items that are not considered marital property in the state of Ohio. Those items include:
– Any real estate, interest or property acquired by one spouse prior to the marriage.
– Inheritance by one spouse.
– A gift given to just one spouse during the marriage. Evidence will be required to show the gift truly was given to just one spouse.
– Any real or personal property that is excluded by a prenuptial agreement.
– Interest or passive income obtained from a separate property.
When a divorce filing occurs, the division of property will be done using the following requirements:
– Length of marriage.
– Liabilities and assets of spouses.
– Awarding family home to spouse with custody of the children.
– Liquidity of property that will be distributed.
Marital property tends to be a big fighting point during a divorce. An attorney can help you determine what is marital property in your marriage.
Source: Findlaw, “Ohio Marital Property Laws,” accessed Jan. 20, 2017