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.
Property division is an important aspect of any divorce. You have to divide up everything from your house to your bank account. You both probably have property you want. However, part of the division of property in a divorce is also the division of debt, which neither of you probably want. Some debts, such as credit cards, are easily divided. Other debts, can be trickier. One such debt is student loans.
If you are a business owner in Ohio, there is one thing that could completely ruin your business that you may never have thought of: divorce. When you divorce, the court divides your assets in a fair manner. It looks at assets that are considered marital property, which may or may not include your business.
While you may be focused on dividing assets and determining custody during your divorce, one other thing you will have to handle is debt. The general rule when it comes to dividing anything in a divorce in Ohio is that whatever anyone brought into the marriage or whatever is yours only remains so after the divorce. For example, if you owned a classic car before you got married and maintained it as only yours, then it will remain yours after the divorce. The way debt is handled is different, though, according to the Ohio Bar Association.
Views on dating, marriage and divorce are very different now than they were at the turn of the century. Experts say that these changes have contributed—in large part—to a growing trend among the millennial generation: a rise in prenuptial agreements.
You might have heard a horror story or two about someone who divorced and lost nearly everything. From the contents of the family home to the property itself to the retirement funds, everything went to the other spouse in the divorce.