Legal Counsel Regarding How Marital Assets Are Divided
Dividing marital property during divorce in Ohio can be straightforward or complex. At the Springboro law firm, Smith, Meier & Webb, LPA, our attorneys help clients with marital property division. We help men and women protect their assets and divide their marital property equitably. We are committed to educating clients about their options so they can contribute to the resolutions of issues related to property division.
Factors Considered In Property Division
Ohio is not a community property state. This means that marital property is not divided equally. Rather, it is divided equitably, based on the following criteria:
- Length of the marriage
- The assets and liabilities of the parties
- How easy it would be to liquidate property
- Tax consequences of the proposed property division
- Liquidation costs
- Whether there has been a child custody award that could be affected by the sale of the family home
- Whether there has been economic misconduct by one of the parties
The court looks at these and other factors to determine how to divide marital property. The tricky part, of course, is determining the nature and extent of the marital estate. Our attorneys are highly knowledgeable about identifying the property to be divided and sequestering property that is separate and belongs to one of the parties alone. We have significant experience with high net worth divorces and build on this experience to help clients at all asset levels divide marital property.
Common Questions In Property Division
Clients come to us with these questions: “Can I keep my house?”, “Do I get credit for child support or spousal support?”, “Should I file bankruptcy to protect myself?” or “My spouse is a spendthrift. Is there anything I can do to ensure asset protection during divorce?” Another common question is, “Most of the debts were incurred by my spouse. Do I have to participate in debt division?”