Work With A Skilled Lawyer To Understand The Factors That Impact Property Division In Columbus

Parting with property is one of the most difficult yet inevitable parts of divorce. No one likes the idea of losing roughly half of their hard-earned assets. The good news, though, is that knowledge can make the property division process less stressful.

For more than four decades, Harry Lewis Co., LPA, has provided high-caliber legal assistance to individuals and families in Ohio. Attorney Gregg R. Lewis educates clients on property division and helps them know what to expect before the process begins. If you are preparing for divorce, Gregg and our team will work hard to protect as much of your property as possible.

Dividing Property In Ohio

Getting divorced in Ohio usually necessitates numerous other legal processes, such as those related to child custody and child support. But one of the biggest aspects of divorce itself is the division of assets and debts.

Property division is about more than just who gets the dishes and who gets the furniture. The most significant items to be divided may include:

• The marital residence (family home) and other real estate
• Retirement assets, including pensions, IRAs and 401(k) accounts
• Investment or stock portfolios
• Family vehicles that are jointly owned
• Marital debt

Your divorce may also include alimony, or spousal support, payments, which would typically factor into decisions about property division.

Dividing Debt In Ohio

In Ohio, debt division during a divorce follows the principles of equitable distribution, meaning debts are divided fairly rather than split equally. The first step in this process is determining which debts are considered “marital debt” versus “separate debt.”

Marital debts are those incurred during the marriage, regardless of whose name is on the account or loan. On the other hand, separate debts are those that one spouse acquired before the marriage or after separation.

Courts consider various factors when determining a fair distribution of marital debt. They assess:

• Each spouse’s income
• Financial contributions to the marriage
• Future earning potential
• Each party’s role in accruing the debt

Mortgages, car loans and joint credit cards are some of the most common types of debt that are divided during Ohio divorces. However, the division may also depend on spouses’ ability to maintain payments after the divorce.

Dividing The Family Home In A Divorce

The family home often holds sentimental and financial significance, making its division complex. Here are some key questions to consider:

Does it matter who bought the house?

Ohio law views the family home as marital property if bought during the marriage, regardless of who purchased it. However, if one spouse owned it before marriage, it might be considered separate property, though contributions toward mortgage payments during the marriage can complicate this.

Does it matter whose name is on the deed?

Ownership names on the deed can impact property division. However, in Ohio, the house is divided as marital property if acquired during the marriage, regardless of the name on the deed. Courts look at each spouse’s contributions and intentions when deciding the home’s status.

Should you move out while the divorce is in progress?

Deciding whether to move out depends on several factors, including the need for stability, potential effects on child custody and financial implications. Moving out may impact the court’s view on possession or make it more challenging to claim the home as your primary residence.

Consulting with an attorney can help ensure property and debt are divided in a way that aligns with each spouse’s rights.

How Property Is Divided: Equitable Vs. Equal Distribution

Like most states, Ohio uses the “equitable distribution” model of property division. This means that courts are instructed to divide marital assets equitably, which doesn’t always mean equally. Courts can deviate from a 50-50 split to account for things like unequal earning potential, one spouse’s significant nonmonetary contributions to the family and more. The goal is to ensure that both spouses have the resources they need to live as comfortably and sustainably as possible.

Which Property Gets Divided In Divorce?

In Ohio, only marital property is subject to division. As a rule of thumb, marital property is typically property acquired by either spouse during the marriage. There are some notable exceptions, however, including an inheritance or other gifts given to only one spouse, as well as any property listed as separate in a prenuptial agreement.

Any assets acquired prior to marriage are considered separate property. It is important to note, however, that your spouse may have a partial stake in certain premarital assets, such as real estate or retirement accounts. For instance, you may have bought a house and opened a 401(k) account before getting married. While married, however, you continued to make mortgage payments and retirement contributions with marital funds. When getting divorced, then, your spouse would likely be entitled to a portion of these two assets because marital funds were used to pay them off or increase their value.

At first, the property division process can feel complex and overwhelming. The good news, however, is that the right attorney can greatly simplify these complicated ideas and guide you through the process from start to finish.

Need Help With Property Division? Contact Our Lawyer.

At Harry Lewis Co., LPA, our attorney, Gregg R. Lewis, has nearly 25 years of experience helping clients with family law issues, including property division. Gregg and our team are ready to solve your property division problems and provide free consultations. Book yours online or by calling 614-721-6175.