Dividing Real Estate In A Divorce
Dividing real estate in a divorce can be complex, given the different types of properties involved. Investment real estate, rental properties, commercial real estate, vacation homes and out-of-state real estate are just a few examples of the real estate types that may need to be divided.
At Harry Lewis Co., LPA, we have been handling property division involving real property for over 40 years. Our lawyers have a deep understanding of Ohio property division laws and the real estate industry and will work tirelessly to ensure that your interests are protected.
Is All Real Estate Marital Property?
In Ohio, marital property is any property acquired during the marriage, while separate property is any property that was acquired before the marriage, and may include inherited or gifts received during the marriage.
However, there are exceptions to this concept. For example, property purchased and fully paid off before marriage might be separate property, but if it accrues value during marriage, that increased equity may be marital property. When dividing real estate in a divorce, several factors are at play, including:
- The value of the property
- Any outstanding debts or mortgages
- Any premarital agreements
- The financial circumstances of both parties
Also, you should consider the emotional and practical implications of dividing real estate, especially if children are involved.
Who Keeps The Marital Home?
The marital home is often the most contested asset in a divorce, and deciding who gets to keep it can sometimes be challenging. For example, if one parent is the children’s primary caregiver, it may be in the best interests of the children for that parent to keep the marital home.
On the other hand, if one party cannot afford to keep the marital home, it may be more equitable to sell the home and divide the proceeds. Depending on your situation, a divorce real estate lawyer can help you make the best decision.
Let Us Help You
At Harry Lewis Co., LPA, we understand both the emotions and finances involved when it comes to real estate and divorce. Contact us at 614-721-6175 or online to schedule a free consultation.