Smith, Meier & Webb, LPA

Ohio family law: All about the assets

When going through a divorce whether in Ohio or elsewhere, figuring out how to divide assets can be a major challenge. Each party will want to walk away with his or her fair share, but trying to decide just what that means is not always easy. Thankfully, each party can turn to his or her own family law attorney to help with the matter.

In order to just get things over with, it is tempting to just quickly divide property and move on. However, by failing to look at the finer details of such an agreement, one may end up getting the shorter end of the stick, so to speak. For example, taking the home over liquid assets may hurt one in the long run if the house is underwater, in need of repair or if the mortgage is simply not affordable for the receiving spouse.

Another thing that divorcing couples fail to consider are tax implications. Some items if split in a divorce are subject to taxes, and those taxes can be substantial if the appropriate actions are not taken during the divorce process. A prime example here is retirement accounts. Yes, they may be split, but in order to avoid a major tax bill, a certain form must be filed, a court order obtained and the money must go into a certain type of account.

Clearly, how assets are ultimately divided really will have an impact on one's post divorce financial situation. It is hard to see what will be best, though, when dealing with the emotional aspects of the dissolution process. Ohio residents can turn to their family law attorneys to help them get through the divorce process and come out with asset division agreements that best serve their interests.

Source: CNBC, "When it comes to divorce, not all assets are equal", Sarah O'Brien, Sept. 21, 2017

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