You may think that it is most difficult to divide financial accounts worth thousands or even millions of dollars during divorce proceedings in Ohio, but that is not necessarily the case. The valuation and subsequent division of tangible assets such as art pieces often present a bigger challenge, not only because of the monetary value involved but the sentimental attachment you and/or your spouse may have formed to the piece.
After the process of getting a divorce in Ohio, you may be left with a divorce decree that you are less than happy with. There are a number of reasons why this may happen. In any case, though, you do have the right to try to get it changed if you so desire. You must follow a formal process to have any changes made to a divorce decree, according to the Ohio State Bar Association. However, what you must do depends on who handled your case. You must go through different methods depending on whether your case went through a judge or a magistrate.
Retirement accounts often rank among the most complex assets that have to be dealt with during property division proceedings. One reason may be because many in Columbus may question why these accounts are even considered to be marital property. On their own, they are not; it is the contributions made to them during a marriage that are. Contributions to a 401k or retirement pension plan are typically benefits one earns through their employer. Like the salary own receives, these benefits are intended to aid an employee and their family, thus the designation of employee benefits as marital assets.
If you are an artist or a collector of art in Ohio and going through a divorce, you will soon discover the challenges that come with dividing martial property. You will have the chance to try to come to an agreement about the division of property before the court steps in. In any case, you have to get your property valued before division to ensure and equal and fair process. This is where it may get tricky with art pieces, especially if you are the creator.
If you have a baby in Ohio and you are not married, you may wonder what happens with custody. Knowing who has legal custody and rights to the baby is essential, especially if you are the father. Under the Ohio Revised Code, an unmarried mother automatically retains full and sole custody of a child. This could mean issues for you if you are the father.
Divorce agreements in Ohio have been known to split IRAs between spouses that are calling it quits. However, some may assume that inherited IRAs are spared division because, like any separate asset, a single spouse is the recipient. However, that may not be enough to stop some judges from splitting an inherited IRA.
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 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.
In Ohio, when you get a divorce, the court looks at your marital assets to divide property. Marital assets, according to the Ohio State Bar Association, are those things you own together. They are assets gained during the marriage. However, the court will not consider non-marital assets. There are four categories of such assets.
There are many types of assets you might hold that are relatively easy to divide and distribute. During a divorce, you would probably not have much trouble splitting up a shared bank account evenly if it consisted of community assets, for example. However, you would probably not find it so easy to establish the value and interest you have in everything you own. Some categories of items often pose unique challenges in divorce courts in Ohio.