Ohio is an equitable distribution state, meaning the court distinguishes between marital and separate property.
Then, it divides the marital property fairly but not always equally. If you have collector’s items, they could be subject to division.
What classifies as marital property?
Separate property is anything obtained by a spouse prior to the marriage. These items generally remain in the ownership of the spouse. However, items obtained during the marriage fall in the category of marital property, and the court will value these items and divide them in as fair a manner as possible.
Collector’s items, such as art, books, antiques and more, are susceptible to the same rules when purchased during the marriage, even if the hobby belongs to only one spouse. Any items you purchased prior to the marriage remain separate property.
How do you divide collections?
When dividing collector’s items, most couples will either sell the collection and split the money or divide the collection in half. If you want to keep a collection whole, you can buy out your ex-spouse’s half. The amount must reflect the fair market value.
What factors does the court consider when dividing marital property?
When dividing marital property, the court will consider several factors, including the duration of the marriage, the presence of children, the liquidity of marital property and whether there is a premarital agreement in place.
You and your ex-spouse can come to an agreement before when dividing assets, and the court will consider your plan first and likely sign off on it.