Dividing Assets And Liabilities In Ohio
Ohio is one of many states that follows the rules of equitable distribution for divorce, dissolution and separation proceedings. During property division, couples determine what is considered separate property and what is considered marital property, which can include both assets and liabilities (debts). Anything considered separate property is awarded to the spouse who claims ownership over it. Anything considered marital property is then divided equitably between partners.
What Constitutes Separate And Marital Property
In Ohio, separate property can be:
- Asset or debt acquired before the marriage began
- Any inheritance bequeathed to one spouse, even during the course of marriage
- Compensation received by a spouse for a personal injury claim
- Gifts given to one spouse
- Any passive income or appreciation of personal property, even during the course of marriage
Marital property includes:
- Any asset or debt acquired during the course of marriage
- Retirement benefits owned by one or both spouses
- Any appreciation of separate property due to the contribution of either or both partners during the course of marriage
Getting Help From A Lawyer With Property Division
During divorce proceedings in Ohio, and at the request of a couple during a separation, the court must determine what constitutes separate property and what constitutes marital property.
Getting the facts before the court is important during this time because it permits the court to make a fair determination about separate and marital property. You need a sympathetic yet assertive attorney like me, Dain N. DeVeny Attorney at Law, to work with you during this time, otherwise you may end up questioning whether you got a fair deal or not later on. By that time, it will be too late to correct the error.
I’ve spent a better part of three decades practicing family law in Ohio and I’ve tackled countless numbers of property division cases during that time. But whether I’m negotiating a settlement or trying a case in court, I always make sure that my clients are getting a fair outcome.
Talk To An Attorney Who Cares
When you schedule an appointment with my law firm, you get a compassionate and supportive attorney who truly keeps in mind the pain you’re going through. I listen to your side of the story, and make sure that your expectations are in line with what Ohio law does and does not allow.
I’m not about unfairly sticking it to your spouse – I’m about honesty and making sure you come away from your divorce proceedings with the best possible results with minimal financial and emotional cost.
If you need legal representation to assist with the division of your marital assets and debts, call me, attorney Dain DeVeny, at 937-802-2504. I have considerable experience in the area of family law and help clients in Dayton, throughout Montgomery County and surrounding areas.
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