Going through a divorce seldom is easy. You likely are concerned about how your divorce will impact your children, your life and your finances. You may feel overwhelmed at the thought of dividing your assets with your spouse. Will your spouse automatically receive half your assets in an Ohio divorce?
Equitable property division
Ohio, like most states, practices equitable property division in divorce. That means you and your spouse will divide your marital assets in a fair, equitable manner. You won’t necessarily divide your assets 50-50. For example, if you performed a lot of maintenance and renovation projects on the marital home, plus earned more money to pay toward the mortgage, you may receive more than 50% of the assets your home represents. However, if your spouse took time away from her career to raise your children, allowing you to work a demanding job, she may receive more than 50% of some assets.
The assets you and your spouse will divide in divorce include the following:
- Your assets from your home ownership
- Your investment assets
- Your retirement assets
- Your savings assets
- Your property assets, such as vehicles, furniture, sporting goods, art collections and more
- Assets from a business you own
- Your club memberships or frequent flier mile balances
You also will split any joint debt with your spouse, such as debt from joint credit cards, medical debt and mortgage debt.
Getting help in dividing your assets
You should work closely with your divorce attorney as you account for your assets and negotiate dividing your assets with your spouse. You may have certain assets you really want to keep and your attorney can help you advocate for those.
Dividing assets is a difficult part of the divorce process. Yet by understanding what marital property you need to divide and what assets your spouse may receive, you can move forward and make the best decisions as you negotiate dividing your assets.