Dividing Assets And Liabilities In Ohio
Ohio is one of many states that applies equitable distribution to marital property during a divorce, dissolution and separation proceedings. During property division, a court will determine what is considered separate property and what is considered marital property, which includes both assets and liabilities (debts).
Anything characterized as separate property is awarded to the spouse who claims ownership over it. Anything determined to be marital property is then divided equitably between partners. Equitable does not mean ‘evenly’ but what is fair. This can be a complex determination, and my more than 40 years of experience can help you obtain a truly equitable result. I’m Dain N. DeVeny Attorney at Law, and I help people with marital property division during a divorce.
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 a marriage
Getting Help From A Lawyer With Property Division
During divorce proceedings in Ohio the court must determine what constitutes separate property and what constitutes marital property.
I’ll explain the factors a court uses to the determination about separate and marital property. Working with an attorney during this time can help ensure that you receive an adequate and accurate settlement during the divorce. After they court issues a final order, its too late to correct the error.
I’ve spent a better part of four decades practicing family law in Ohio and I’ve worked on numerous property division cases during that time. But whether I’m negotiating a settlement or trying a case in court, I always work to help my clients receive a fair outcome.
Help From An Experienced Attorney
I’m a supportive attorney who has worked with thousands of clients during my decades of practice and I understand what you’re going through. I listen to your side of the story, explain how Ohio law applies to your situation and we will discuss your realistic options.
I’m about honesty and making sure you come away from your divorce proceedings with the best possible results for your facts. I work to minimize conflict and efficiently resolve your case.
Contact Me Today
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.