People have many questions as they start a divorce in Ohio. One of the biggest concerns what their life will look like after the divorce. The truth is that will depend largely on what financial resources they will have as they start over with their newly independent life.
This means that how property is divided is a very important part of the divorce.
There are two categories of property in divorce: marital property and separate property.
Marital property consists of almost all types of assets and debts acquired by either spouse during the marriage.
It does not matter which spouse’s name is on the title or on a particular financial account, money and other property acquired during the marriage is considered marital property and will need to be divided between the spouses during the divorce.
Separate property in divorces
Separate property can be more complicated and can include property acquired at different times and in different ways.
Separate property consists of assets that were owned by either spouse before the marriage. It also includes inheritances and gifts that were given to only one spouse during the marriage, as long as this property is not co-mingled with other marital assets.
Any passive gains from separate property during the marriage also remain separate property. Passive gains are gains in value that are achieved through no contributions of either spouse.
Separate property also includes any property specifically designated as separate property in a valid prenuptial agreement.
It can also include a portion of compensation received by one spouse through a personal injury award.
Property division during a divorce can be very complicated in Ohio. Simply determining which property is marital property and which property is separate property can be complicated.
To determine the full extent of the separate property may require a complicated tracing of the separate property to distinguish it from marital property. Experienced attorneys understand this complicate process and may be able to guide one through it.