Dividing Property Fairly
When couples in Ohio decide to divorce, equitable distribution of property is an essential factor that must be taken into consideration. Understanding how equitable distribution works can help you make informed decisions about your divorce settlement agreement so you can move forward with peace of mind knowing your rights are protected. Continue reading to learn more about dividing property in an Ohio divorce.
Defining Equitable Distribution
Equitable distribution refers to the fair division of assets and debts acquired during a marriage. This includes all physical and financial assets, such as real estate, vehicles, stocks, bank accounts, retirement funds, and other investments.
In Ohio divorces, equitable distribution means dividing marital property (assets and debts) between spouses in an equitable or "fair" way for both parties involved. It's important to note that equitable doesn't always mean equal; instead, it focuses on what is deemed fair based on the circumstances.
How Equitable Distribution Impacts Divorce
Regardless of how equitable distribution works in Ohio, it's important to understand that equitable distribution is always a factor in divorce. This means you must negotiate who gets which assets and debts acquired during the marriage. In some cases, couples may agree on equitable distribution without resorting to court orders; however, if spouses cannot agree on equitable distribution, a judge will make the final decision.
When determining equitable distribution in an Ohio divorce, courts generally consider the following factors:
Length of marriage
Each spouse's financial situation
Earning capacity of each party
Contribution to the marriage (financial and non-financial)
Any equitable claims and/or defenses such as fraud or waste.
When equitable distribution is complete, each spouse should walk away from the divorce with a fair, equitable share of marital property. Understanding equitable distribution can help you make informed decisions about your divorce settlement agreement so you can move forward confidently knowing that your rights are protected.
Work With an Ohio Property Division Attorney
If you have more questions about equitable distribution in an Ohio divorce, it's important to speak with a qualified family law attorney who can provide the guidance you need to make the best decisions for your future. At Friedman & Mirman Co., L.P.A., our team is committed to helping our clients protect their property rights and finding a solution that meets their needs.
Learn more about how we can help or schedule a consultation by calling (614) 412-3943 or visiting us online.