An affidavit of property can be a significant factor in Ohio divorce proceedings. It is a legal document that provides a detailed inventory of a couple’s assets, debts and financial interests.
The affidavit also helps the court assess the marital estate and make fair decisions regarding property division.
What is an affidavit of property?
In Ohio, the court requires both parties in a divorce to submit an affidavit of property early in the process. This document must include all assets and liabilities, including:
- Real estate
- Bank and retirement accounts
- Vehicles
- Personal property
- Credit card balances, loans and other debts
Each spouse must swear under oath that the information provided is accurate and complete.
Why is an affidavit of property necessary?
The primary purpose of the affidavit of property is to ensure transparency and fairness in the division of marital assets. Ohio follows the principle of equitable distribution, which means that the court divides property in a manner that is fair but not necessarily equal. The affidavit allows the court to have a clear understanding of the couple’s financial situation, helping it to determine how to distribute the assets equitably.
The affidavit of property also helps in identifying any separate property. Separate property includes assets that one spouse owned before the marriage or received as a gift or inheritance during the marriage. The court generally does not divide separate property during a divorce. However, the affidavit must clearly list and prove the separate nature of such assets.
The affidavit of property is instrumental in helping Ohio courts achieve a fair distribution of assets. While it adds another layer of responsibility to an already complex divorce process, filling out the affidavit with care is necessary for smooth proceedings.