Going through a divorce is guaranteed to change your life in many ways. One example is property division, as it's likely that you'll have to split some or all of your assets with your soon-to-be ex-spouse.
Divorcing spouses in Ohio often find themselves at a crossroads when it comes to deciding what they want to do with their family home. For most couples, a house represents the single largest asset in a marital estate. The accompanying mortgage also commonly represents the single largest debt that the couple owes.
When creating an irrevocable trust, one of the things that probably drew you to it was the fact that it cannot be changed. However, that is not 100 percent true. You can change an irrevocable trust according to the Ohio Revised Code under specific circumstances. This can be good news if you have gotten a divorce and feel you need to make a change to a trust.
It is not an easy task for the court to make decisions in custody cases. This is why you are highly encouraged to come to an agreement without the court having to intervene. However, that is not always possible. In such cases, the court will take into consideration many things, which in Ohio, also may include your children's wishes.
When you are in a long-term relationship, your lives become very comingled. You probably share many possessions and even live in home you own or share responsibility for. You may have a joint bank account and share debt. Sometimes relationships end, and if you are not married, there is no legal way to end your relationship and neatly divide property in Ohio. The court can only intervene to distribute debt and assets in a divorce.