When you and your spouse get a divorce, you usually have to divide your property. Ohio’s property division laws dictate which assets you might keep after the marriage.
You may want to divide all of the assets in half to make the division fair. According to FindLaw, Ohio uses equitable distribution to divide a couple’s assets. This means that a court may not award half of the assets to each spouse.
How does equitable distribution work?
A court typically examines your unique situation to determine an equitable distribution of your property. The court might consider the income you earn and your ability to support yourself after the divorce. If you decided to be a stay-at-home parent, a court might decide that you should receive more of the marital assets. If you were the breadwinner, however, your ex-spouse might receive a larger share of the assets. The court may also consider how much property you and your spouse each brought into the marriage. Sometimes the length of your marriage is also a factor. Additionally, a court may consider the events that led to your divorce. If your spouse behaved in a manner that caused the divorce, you may receive a larger share of the assets.
Which assets are subject to division?
You may expect to divide your household goods with your spouse. However, you also have to divide your financial assets. These include your retirement and bank accounts, as well as any stocks you might have. If you have a vacation home or a rental property, these properties are also subject to equitable distribution. If either you or your spouse has a business, a court may also divide the business. You can find more information about this subject on our webpage.