Ohio follows an equitable distribution approach when dividing assets acquired during marriage in the event of a litigated divorce scenario. If you choose to litigate your divorce, the court will split your marital assets fairly, based on the unique aspects of your situation.
Some of the factors that will influence how this plays out include:
- The duration of the marriage
- Each spouse’s assets and liabilities
- The earning capacity of each spouse
- The financial and non-financial contributions of each spouse to the marriage
- The tax implications of the divorce
- The liquidity of the marital assets and each spouse’s desire to retain some assets intact
- Any legally binding agreements like a prenup
- Any other relevant factors
When the division is complete, you could end up with equal or unequal portions of your marital assets. Equitable division is about ensuring a just division and not necessarily a 50/50 outcome.
Tips: Preparing for the property division process
While you are entitled to a fair division of marital assets in Ohio, preparing for the property division process can help ensure a smoother and more favorable outcome. First, organize financial records like bank statements to understand your current finances. Next, identify the marital assets from separate property and gather supporting documentation to avoid complications down the line.
It is also important to familiarize yourself with what the law says about dividing marital property and how things work. This can help you assert your legal rights. Avoid making rash decisions and prioritize your long-term financial security.
Lastly, strongly consider seeking legal guidance to navigate the complex process of property division. Making this effort can help provide invaluable assistance, represent your interests and better ensure that you make informed decisions toward realizing a fair resolution.