When the decision to divorce has been made, many spouses worry about their assets being divided. You may have spent years building a life together, so you want to make sure that you get a fair share.
Is Ohio a 50/50 divorce state? The Buckeye State has specific laws that outline how assets and debts should be divided.
Let’s look at the property division process so you know what to expect and what it could mean for you.
Ohio Uses Equitable Distribution
Divorces differ from state to state when it involves splitting up property. However, they tend to fall into two categories:
- Community property: In these states, all marital property is divided 50/50, no matter the individual circumstances.
- Equitable distribution: For these states, like Ohio, the courts divide marital property in a way that is considered fair.
Is everything split down the middle? That is not always the case. Yes, courts can divide things 50/50, especially in simple divorce cases or shorter marriages. However, it is not a requirement. Judges will look at several factors to decide what is fair for both spouses, such as:
- The length of the marriage
- What each person owns and owes
- Each spouse’s income, earning potential, and possible spousal support
- Whether one spouse will have custody of the children and need to stay in the family home
- Whether either spouse has health issues or other financial challenges
- The tax impact of certain assets or liabilities
With that, the court wants to make sure that both people leave the marriage with a better shot at financial stability.
What Counts as Marital or Separate Property?
Before dividing anything, the court determines what assets are subject to division. Not everything you own automatically goes into the pool.
Marital property includes most assets acquired during the union. This can include:
- Your home
- Retirement accounts
- Vehicles
- Income
- Debts
Even if the property is only in one spouse’s name, it may still be considered marital if it was acquired after the wedding.
On the other hand, separate property is different. These categories include assets you owned before the marriage, gifts explicitly made to you, and inheritances. They usually stay with the original owner. However, if they have been mixed in with marital assets, then they could be considered marital property.
For example, if you inherited money from a relative and deposited it into a joint bank account, those funds might be considered marital.
Are Debts Divided?
Like assets, marital debts can be divided. This includes credit cards, loans, or mortgages. Debt is anything you acquire together during the marriage.
Once again, the court will try to divide debts fairly. Keep in mind that creditors do not care what the divorce decree says. If your name is on a joint credit card or loan, the lender can still come after you even if the court ordered your ex-spouse to pay it.
That’s why it’s important to work with a lawyer who can help you protect yourself during and after the process.
Can You Agree on Division without the Courts?
For many couples, they want to avoid a long, drawn-out process, especially when it comes to heading to court. Reaching an agreement on your own is often the best-case scenario.
If you and your spouse can agree on how to split your property, the court will usually approve your agreement. Just remember that it needs to be fair and equitable.
When you reach a settlement, that gives you more control over the outcome. Plus, it can make the divorce process faster and less stressful. But even in an amicable divorce, you still want to have an Ohio divorce lawyer review the agreement to make sure your rights are protected.
Find Help to Protect Your Rights and Assets During a Divorce
Is Ohio a 50/50 divorce state? While the Buckeye State does not follow these principles, it still makes sure that each spouse gets a fair and equitable share of the assets.
If you are concerned about how the laws can affect you, make sure to get trusted legal advice early in the process. At Axelrod Law Office in Lake County, OH, we can help during this time. Call our office at (440) 271-8126 or submit a contact form to schedule a free, confidential legal consultation.